After months of speculation Russia’s biggest lender, Sberbank, has announced the acquisition of investment bank Troika Dialog. The move will create a second government-owned champion in investment banking in Russia, to rival VTB Capital, the merchant bank owned by the country’s second-biggest bank, VTB.
Under the terms of the agreement, which should be closed by the fourth quarter of this year, Sberbank will pay an initial $1 billion to acquire the 36.4% of Troika Dialog owned by South Africa’s Standard Bank and the 63.6%
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