Dawn raiders turn into gentlemen
Directly after the City of Moscow launched its first-ever Eurobond, Unexim president Vladimir Potanin arrived in the office of mayor Yuri Luzhkov to pitch for the city's next deal. His message was clear: don't use CSFB and Nomura next time. Unexim with its partners can do it better.
Potanin's single-minded determination to win business may not have succeeded on this occasion but in general it has brought Unexim huge victories. Colleagues describe Potanin as "aggressive and fearless". They also comment that he likes to be in control, as illustrated in the Syvazinvest deal. Although an investor such as George Soros put up $900 million in the $1.9 billion deal for a 25% stake in the Russian telecoms giant, a structure that routes funds into debt and then on into Unexim's share of the equity gives Unexim the controlling share of the purchasing vehicle Mustcom.
In the flesh, belying his media-made robber-baron image, Potanin is a polite, restrained and suave figure. He is short and his face is slightly weathered, but he smiles frequently, giving him a softer appearance than the harsh, driven, hungry look displayed in photographs.