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Sberbank, Troika Dialog seal merger
24.01.2012
Sberbank has finalized the takeover of investment company Troika Dialog, the companies said in a joint statement.
As a result of the integration, Sberbank will establish a corporate and investment bank, which will service major Russian and foreign corporations and financial institutions, and a wealth management unit.
Sberbank and Troika's Dialog's aggregate revenue from financial market operations exceeded RUB 22bn (approx. USD 703m) and revenue from investment banking amounted to about RUB 3.4bn (approx. USD 107) in 2011. Sberbank expects to double investment banking revenue by 2014, the bank's President and CEO German Gref said in the statement.
According to earlier reports, Sberbank agreed to pay $1bn for Ruben Vardanyan-led TDM Limited's 63.6% stake and South Africa's Standard Bank Group 36.4% stake in Troika Dialog. Sberbank is also to pay 8% of the amount by which the value of Troika Dialog is expected to rise by the end of 2013.
www.rbcnews.com/
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 | February 2012 |  |
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