JP Morgan and Credit Suisse, the banks which advised Russian lender Sberbank on its $8.8bn (€6bn) capital increase in February, have missed out on a mandate for the bank's $1.5bn secondary offering in London.

Merrill Lynch has been picked as the sole bookrunner for the London sale of Sberbank global depositary reciepts, which has been set for February next year, with a fallback date of May, according to analysts at Russian research firm Uralsib. Sberbank said it would issue only the receipts, not additional shares.