Russia's Sberbank buys Troika Dialog for $1 bn
Russia's leading state bank Sberbank on Friday announced its widely expected $1 billion purchase of the Troika Dialog investment bank.
Terms of the deal, which will give the state lender its long-sought investment platform, will see Troika Dialog remain a separate entity and keep its management for another three years, the banks said in a statement.
The agreement has been rumoured for the past year and will be signed in the second quarter of 2011, Sberbank chief executive German Gref told reporters.
Created in 1991, Troika Dialog is controlled by its management, namely chief executive Ruben Vardanyan, with a 36.4 percent stake also held by South Africa's Standard Bank.
"We now have a unique opportunity to offer modern financial services to tens of thousands of Russian companies that had no access to them before," Gref said the company's joint statement.
Sberbank may make an additional payment to Troika in three years depending on performance, the statement said.
Sberbank, Russia's largest bank, is controlled by the Russian Central Bank, which holds a 57.6-percent stake, but is one the list of enterprises Russia hopes to privatise before 2013.
© 2011 AFP