Russia’s biggest bank, Sberbank, is acquiring the country’s oldest investment bank, Troika Dialog, for $1 billion, The Wall Street Journal reports. The deal, which is expected to be completed in the fourth quarter of 2011, also includes a possible future payment that depends on the investment bank’s results. Sberbank is buying the 36.4% stake of South Africa’s Standard Bank Group as well as the remainder of the bank held by Troika management, mostly by CEO, Ruben Vardanian, who will continue for three years. Sberbank CEO, German Gref, will lead the company’s supervisory board as the state-owned bank consolidates its holdings, adds Bloomberg.
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