A team from Deutsche Bank in Moscow has been hired for a new investment bank being put together by the owners of Russia's Promsvyazbank.

The Russian lender, which is owned by Alexey and Dmitry Ananiev, is investing €100mn to start the investment bank known as PS Capital. The Vedomosti financial daily reported that the Ananievs have hired a team from Deutsche to run the new operation, including Anton Likhodedov, Maxim Lozhevsky, Roman Sulzhik, Vlad Gubsky, Alexander Suvorov, Alexander Kurapov, and Ildar Farhshatov.

Deutsche Bank closed their Moscow investment bank last year with the loss of at least 300 jobs amid a money-laundering probe involving suspicious trades worth as much as $10bn.

But with Russian capital markets again showing signs of life, now might not be the worst to launch an investment bank. Russia's latest privatisation programme began on July with the sale of a 10.9% stake in diamond monopoly Alrosa, while the Kremlin sold bonds worth $1.75 in May in the first sovereign issue in three years.

US bank investment bank Jefferies also exited the Russian market in the past nine months, as have British investment banks Barclays and Royal Bank of Scotland. The new PS Capital is hoping to fill the void, as is broker BCS, which plans to launch its own investment bank.

Promsvyazbank, Russia's 11th largest lender by assets, has been a consolidator in the financial sector, which has been roiled by recession and a collapse in commodity prices. The bank took over Samara-based Pervobank and mid-sized player Bank Vozrozhdenie last year.