Standard Bank of South Africa has received approval from regulators in Russia, South Africa and the United Kingdom to go ahead with its purchase of 33% of Russian investment bank Troika Dialog. Both companies will now operate under the Troika Dialog brand in Russia.As part of the deal, which was announced in March this year, Standard Bank swapped a $200m convertible loan and its business in Russia, worth an estimated $100m, for the 33% stake in Troika Dialog.
Standard Bank chief executive, Jacko Maree, says the union will create one of Russia's largest 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," he says.
Ruben Vardanian, chairman and chief executive of the Troika Dialog Group, will join the board of Standard Bank, while Standard Bank's Rob Leith and David Duffy join the Board of Troika Dialog.
