 |
|
|
|
|
|
 | Approval given for Standard Bank?s Russia buy-in |  |  |
 |
|
28 September 2009
Standard Bank Group and Troika Dialog Group have been given the go-ahead by authorities to finalise a deal that gives Standard Bank a 33% holding in the leading Russian investment bank.
Standard Bank will merge its Russian business into Troika, leaving both companies strongly 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, creating Russia's leading financial services provider, with a broad range of products and global reach.
The two banks first announced a strategic partnership in March 2009. Since then, important strides have been made towards the integration of the two businesses. 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 today. A new organisational structure ensures senior executives focus immediately on the revenue synergies inherent in Troika and Standard Bank's complementary offerings.
Commenting on the milestone, Standard Banks Group's Chief Executive Jacko Maree said: "What we have created is a unique and compelling financial services offering for all of our clients. 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, added: "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. Today marks a watershed opportunity for New Troika to challenge and expand our professional expertise and I have been impressed by the enthusiasm with which our teams have committed to a seamless integration that prioritises client service, and I'm now excited to get down to the businesses of delivering on the many opportunities the partnership creates."
Ruben Vardanian will join the board of Standard Bank Plc while Standard Bank's Rob Leith and David Duffy join that of Troika Dialog. Along with other senior executives, they will set the strategic vision of the partnership in the context of a new world financial order.
|
|
|
|
|
|
|
|
|
|
|
