OREANDA-NEWS. May 26, 2011. Sberbank of Russia and Troika Dialog announce the signing of the legally binding agreement on Sberbank of Russia’s purchase of a 100% shareholding in Troika Dialog. The signing of the agreement officially confirms the previously announced merger of Russia’s largest commercial bank and the country’s leading investment firm. The merger, which was first announced in March 2011, marks the appearance of a new player on the international arena – the first veritable universal Russian bank. With the combination of Russia’s leading banking and investment businesses, a new undisputed leader of Russia’s financial industry has emerged.

Herman Gref, CEO and Chairman of the Board at Sberbank of Russia, said: “Today’s agreement marks an important step in the integration of two mutually complementary businesses. It also confirms our commitment to maximizing the full range of opportunities and synergy the deal creates. The merger potentially allows us to effect major changes in the makeup of the Russian financial industry. We will be uniquely able to provide major corporations with universal banking services, and mid-cap companies and retail clients with access to investment banking and wealth management services from the proven market leader.”

Ruben Vardanian, Chairman of the Board of Directors and CEO at Troika Dialog, said: “Troika Dialog and Sberbank are longstanding partners with a relationship of mutual trust and confidence built over many years. This enduring partnership is what brought about our decision. Well before we signed the agreement, we made a full analysis and assessment of the opportunities opened to us by the merger of adjacent financial businesses based on our strong partnership, as well as Sberbank’s balance sheet strength. The deal positions us as the clear partner of choice for clients in Russia and the CIS, providing unrivaled access to world financial markets and superior professional competence.”
Further implementation of the two companies’ merger is subject to regulatory approval in Russia and the other countries where Troika Dialog operates.