The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Sberbank throws its weight into investment banking

In the words of a recent recruit – it’s the biggest bank you’ve never heard of. If you’re an investment banker in Russia, or even Turkey and Poland, that’s about to change. But can Sberbank, propelled by its acquisition of Troika Dialog, get anywhere close to fulfilling its potential?

Sberbank already dominates Russian corporate banking, with a market share of just over 30% – more than three times its nearest rival, VTB. Now it is throwing its weight into investment banking, starting with the acquisition for an initial $1 billion of local investment bank Troika Dialog. “Sberbank is one of the only growth platforms in European banking,” says a new recruit from a western bulge-bracket firm. Indeed, partly because of falls in eurozone bank share prices, Sberbank is now the third-biggest bank in Europe by market capitalization.

Sberbank’s merger with Troika Dialog was still pending as Euromoney went to press. But the firms have already been working together closely during the second half of 2011 to gather mandates for M&A and capital markets deals. “The best way to sell fees and commission products is through being able to say you can add it to financing,” says Anton Karamzin, CFO at Sberbank.

Karamzin tells Euromoney that the merger comes with new risk-management and incentive structures across the corporate and investment banking division, although he is keen to underline that the latter does not include any guaranteed bonuses.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?