The six investment banks leading the $7.5bn (€5.5bn) London stock market listing of Rusal, Russia's largest aluminium producer, are set to be paid a fee of up to 1.5% of the deal's value, far lower than the European average.

Rusal's bookrunners, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and UBS, are set to receive a fee of 1% to 1.5% of the deal's value, giving a maximum fee pot of about $113m, according to estimates by emerging market equities bankers.