Russia's Sberbank denies Troika takeover

4th February 2011, Comments 0 comments

Russia's state bank Sberbank denied Friday that it had agreed to buy the private investment bank Troika Dialog for around $1 billion.

In a brief statement, Russia's largest bank said that reports that it had already purchase the 20-year-old investment house was "untrue".

"The only source of information about such deals is the official information provided by Sberbank Russia," said the statement.

The Vedemosti business daily reported Thursday that Sberbank had agreed to purchase 80 percent of Troika Dialog for $1 billion and acquire the rest by 2014.

The Russian investment bank was founded in 1991 and is controlled by its management, namely its CEO and chairman Ruben Vardanyan. Standard Bank of South Africa has owned a 36.4 percent stake since 2009.

Troika Dialog holds stakes in several key Russian companies such as major auto manufacturers AvtoVAZ and KAMAZ. It has also managed IPOs of key companies like aluminium giant RusAl and AFK Sistema.

Sberbank is Russia's largest bank controlled by the Russian Central Bank. In December, its chairman German Gref said that the state will sell seven percent of Sberbank in 2011 under the announced privatisation programme.

© 2011 AFP

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