Standard Bank Group, a South Africa-based bank and Troika Dialog Group, a Russia-based independent full service investment bank and asset management firm, have been permitted by authorities to finalise a deal that gives Standard Bank a 33% holding in the Russian investment bank.
Reportedly, Standard Bank will merge its Russian business into Troika, leaving both companies capitalised and able to deploy balance sheet strength for the benefit of their clients. Both companies will now operate under the Troika Dialog brand in Russia with a range of products and global reach.
The two banks first announced a strategic partnership in March 2009. The bank has said that strategic and operations committees have been established to realise synergies and leverage new business opportunities and ZAO Standard Bank’s team will move into Troika’s offices and a new organisational structure ensures senior executives focus immediately on the revenue synergies inherent in Troika and Standard Bank’s offerings.
Additionally, Ruben Vardanian will join the board of Standard Bank while Standard Bank’s Rob Leith and David Duffy join that of Troika Dialog, along with other senior executives.
Jacko Maree, chief executive of Standard Banks Group, said: “The combination of Troika Dialog’s outstanding knowledge of Russian and CIS markets with Standard Bank’s global reach not only creates one of Russia’s largest and most significant financial institutions; it positions us at the centre of investment and information flows in and out of key emerging markets, with meaningful relationships, products and expertise that make a difference to our clients’ businesses.”
Ruben Vardanian, chairman and chief executive of Troika Dialog Group, said: “Through this partnership, the formalisation of a long and successful collaboration with Standard Bank, we have created a new kind of financial institution, adapted to new global markets.”
