Published: January 24, 2012
Deal to create Russia’s largest universal bank closes.
Sberbank’s acquisition of investment bank Troika Dialog has closed, creating the largest universal bank in Russia.
The deal, which was announced last March, is worth US$1bn in cash and includes an earn-out based on any increase in Troika’s value by the end of 2013.
State-owned Sberbank bought the 63.6% stake held by a group led by Troika’s chairman and chief executive Ruben Vardanyan and the 36.4% owned by South Africa’s Standard Bank.
Troika will now become part of the acquirer’s Corporate Investment Bank division, which is led by Andrey Donskih, Sberbank’s deputy chairman.
Herman Gref, Sberbank’s chief executive and chairman, said the bank intends to use Troika to drive its investment banking ambitions. “In 2014 we expect to double income from investment banking activity. At the moment we are already working on over 70 investment banking deals.”