While the Russian government is likely to call on the bulge-bracket global investment banks to help oversee its ambitious $30bn (€23bn) privatisation programme, domestic banks are also likely to enjoy a healthy share of the investment banking revenues.

Around 20 banks in all are understood to have been included on the Russian government's long list of potential candidates, of which nine are domestic. With almost 300 assets up for sale in the programme, bankers believe many of the smaller transactions are likely to be handled by local banks, while Russian banks are likely to be paired up with western institutions for the larger deals.