VTB Bank Europe, the London-based investment banking subsidiary of Russia's second largest bank, has recruited another two bankers for its growing infrastructure business, bringing the total hired in the past two months to four.

Oleg Pankratov, the senior Merrill Lynch banker hired in September to run VTB's infrastructure capital group, has hired former Merrill and ABN Amro colleague Masroor Haq as a managing director in the business.