Standard Bank and Troika Dialog to form partnership
by Richard Kilner
Standard Bank has entered into a strategic partnership with Russian investment bank Troika Dialog Group Limited.
The South African bank intends to acquire a 33% stake in Troika, though still requires the green light from regulatory authorities.
The agreement involves a convertible loan of US$200m extended by Standard Bank to Troika with the Russian firm acquiring Standard Bank’s Russian business, ZAO Standard Bank.
For the deal to go ahead it requires to be granted approval by the Central Bank of the Russian Federation, the South African Registrar of Banks and the Russian antitrust authorities.
The news comes a day after Standard Bank revealed that its financial results for 2008.
The bank enjoyed a headline earnings rise of 8%, with net asset values up by 47%.
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