DGAP-News: Sberbank and Troika Dialog Create Powerful Russian Corporate-Investment Bank
ID: 365108
Sberbank and Troika Dialog Create Powerful Russian
Corporate-Investment Bank
11.03.2011 / 12:25
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Sberbank and Troika Dialog Create Powerful Russian
Corporate-Investment Bank
March 11, 2011, Moscow - Sberbank of Russia and Troika Dialog have
announced the signing of a memorandum of understanding to combine Russia's
largest bank and the country's leading investment bank. This landmark event
creates numerous benefits for international financial markets by bringing
together the knowledge, expertise and resources of two leading Russian
financial institutions.
Sberbank's position as the leading provider of banking services for
corporate clients will be strongly complemented by Troika Dialog's
plentiful resources and talents in corporate finance and financial markets
operations. As a result, thanks to the Troika Dialog platform, Sberbank's
clients will benefit from, among other things, direct access to investment
banking services on markets in Russia, Ukraine and Kazakhstan, as well as
to trading platforms in London and New York. In addition, the planned
merger provides Sberbank's clients with opportunities for effective
collaboration across the Russian and international investment communities.
Thus the Sberbank group of companies will provide all clients with the full
range of market-leading products and services, including investment banking
services.
The merger of product and service offerings in both the commercial banking
and investment banking businesses will bring increased revenues to the
combined business and produce a significant synergistic effect. All of
Troika Dialog's current businesses will benefit from numerous, additional
sources of growth through Sberbank's client base and balance sheet. The
employees of both companies gain new prospects for career growth and
development.
Standard Bank remains as one of Troika Dialog's most-favoured international
partners, presenting new opportunities for growth of the company's product
line and geographic footprint.
The Sberbank and Troika merger provides a strong impetus for developing,
broadening and enhancing the Russian financial market, and represents a
major step in setting up an international financial center in Russia. In
particular, the merger significantly enhances the caliber of services
received by major corporate clients by providing access to the full range
of financial and banking products as well as international capital markets.
These modern financial services will be delivered to new segments of the
corporate market as well as to retail clients, whom until now not one
investment bank on the Russian market was capable of 'reaching.' This
includes more than 50 thousand of Sberbank's corporate clients from the
mid-sized company segment and the company's tens of millions of retail
clients.
According to Herman Gref, CEO and Chairman of the Board, Sberbank of
Russia, 'Sberbank is acquiring the leading investment banking platform
specializing in securities trading, brokerage, mergers and acquisitions,
corporate finance, asset management and private banking, all of which will
be offered to our clients in Russia, the CIS and beyond. We are gaining the
unique opportunity to offer modern financial services to tens of thousands
of Russian companies that up until now lacked such possibilities. Sberbank
and Troika Dialog have cooperated for many years, and we plan to invest in
our combined team to fully develop its potential and maximise the
synergetic impact. In the next 3-5 years we will establish a strong,
leading presence on the corporate and investment banking services market
overall and for each separate product line in particular.'
The deal is contemplated in two stages over the course of three years.
Initially, Sberbank will pay $1 billion for a 100% stake in Troika Dialog
from the shareholding of Standard Bank Group (36.427%) and the Troika
Dialog Partnership (63.573%). Troika Dialog's Partners, Standard Bank will
be entitled to additional remuneration in three years. The amount of the
remuneration is based on 50% of the difference between Troika Dialog's
average yearly net profit from 2011-2013 multiplied by a coefficient of
13.5 and the sum of $1 billion already paid by Sberbank of Russia. To
ensure expedited integration of the two companies, the structure of the
deal stipulates an integrated bonus pool for participants of the merger
process to be paid from the sum of additional remuneration.
Under the terms of the agreement, for the next three years Troika Dialog
will operate as a stand-alone entity with a high degree of independence
within the Sberbank group of companies. Sberbank is confident in Troika
Dialog's management team, highly values its international reputation and
Troika's strong brand appeal. Ruben Vardanian will remain as CEO
(President). Sberbank representatives will join the Troika Dialog Board of
Directors.
According to Troika Dialog CEO and Chairman of the Board of Directors Ruben
Vardanian, 'This deal creates far-reaching opportunities to take our
investment banking business to a new, global level by taking advantage of
the unparalleled access to a wide network of large Russian and foreign
corporations and government institutions, the largest branch network in
Russia and significant financing opportunities through leveraging
Sberbank's balance sheet. The combination of platforms shall allow us to
offer our clients universal financial solutions using a broadly diversified
product and services offering.'
Chief Executive of Standard Bank Group, Jacko Maree, commented 'While we
are reluctant sellers of our stake in Troika Dialog, this transaction
presents an enhanced opportunity to connect and service our clients by
leveraging our existing strong relationships into the combined
Sberbank-Troika Dialog in Russia and the CIS. Preliminary discussions to
capture additional opportunities flowing from this transaction are
encouraging. We are confident that our strong African presence, combined
with Sberbank and Troika Dialog's regional leadership, will provide an
enhanced range of mutual business opportunities.'
The deal is subject to regulatory approval in Russia and other
jurisdictions. Confirmation by the collegial bodies of Sberbank, Troika
Dialog and Standard Bank will take place upon signing of the legally
binding documents on the deal.
Additional information:
About Sberbank
Sberbank of Russia (Sberbank) is the largest Bank in Russia, Central and
Eastern Europe, with approximately 30% of the total assets of the Russian
banking system. The Central Bank of the Russian Federation is the founder
and the majority shareholder of Sberbank (over 60% of the voting shares),
with the rest of the shares dispersed among more than 260,000 individuals
and legal entities. The Bank has the most widespread branch network in
Russia: 18 Regional Head Offices, over 20,000 branches and banking outlets,
as well as subsidiaries in Kazakhstan, Ukraine and Belarus. Sberbank holds
the General License No. 1481, issued by the Central Bank of the Russian
Federation.
For further information please contact:
Public Relations Department, tel. +7(495) 957 5721, e-mail:
media@sberbank.ru
www.sberbank.ru
About Troika Dialog
Founded in 1991, Troika Dialog is the leading independent full service
investment bank and asset management firm in Russia. The company's business
consists of securities salesand trading, investment banking, private
wealth and asset management, retail distribution and alternative
investment. Troika Dialog's operations are located in 21 cities across
Russia plus offices in London, New York, Kyiv, Almaty and Nicosia.
For further information please contact:
Troika Dialog Press Department, tel.: +7 (495) 258 0519, e-mail:
pressa@troika.ru
www.troika.ru
About Standard Bank
Rooted in Africa with strategic representation in key sub-Saharan and other
emerging markets, Standard Bank is a bank with a global sweep. The holding
company is based in Johannesburg, South Africa, and listed on the
securities exchange operated by the JSE Limited as Standard Bank Group
Limited. A mainstay of South Africa's financial system for more than 145
years, Standard Bank is a leading African banking group focused on emerging
markets globally which now spans 17 countries across the African continent
and 13 countries outside Africa. The international expansion has taken it
to key financial centres of the world including Brazil, Russia and China.
Standard Bank's equity is widely spread. At 30 June 2010, Industrial and
Commercial Bank of China (ICBC) held 20,0% followed by the Public
Investment Corporation holding 13,1%.
Standard Bank's Corporate and Investment Banking division offers its
clients banking, trading, investment, risk management and advisory services
in developing economies throughout the world. It has specific sector
expertise in industries relevant to its footprint, with strong sector value
propositions in: mining&metals; oil, gas&renewables; telecommunications&media and power&infrastructure.
For further information please contact:
Standard Bank External Communications, tel.: +44 (0) 203 145 5092, e-mail:
janice.garraway@standardbank.com
www.standardbank.com
End of Corporate News
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Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russland
Phone: +7-495-957-57-21
E-mail: media@sberbank.ru
Internet: www.sberbank.ru
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
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Datum: 11.03.2011 - 12:25 Uhr
Sprache: Deutsch
News-ID 365108
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