Credit Suisse this week cemented its position at the top of the equity bookrunner rankings in Europe, the Middle East and Africa thanks to a long-standing relationship with Sberbank – selling a $5bn stake in the bank on behalf of the Russian government.

The sale was first mooted in May 2011 but had been on hold while Sberbank waited for suitable market conditions. This week it sold $5.2bn worth of shares as part of the Russian government's $50bn privatisation programme, in which Credit Suisse is one of the advisory banks. Russia now holds 50% plus one share in Sberbank.