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 Cookies before 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.

Banks give the elbow to oligarchs

Two leading Russian investment banks, Troika Dialog and Trust Investment Bank, have both completed management buy-outs.

Both are designed to cut loose oligarch shareholders " it is undesirable to have links with them since Yukos was broken up.

For Trust Investment Bank, its MBO had a simple objective " distance the bank from Menatep, its former owner and the current target of a Kremlin legal assault.

Menatep, whose principal shareholders are the jailed Mikhail Khordorkovsky and Platon Lebedev, previously owned 99.3% of the bank. However, as of November, five senior managers own 80%, with 15 other managers owning smaller stakes.

Illya Yurov, the bank's founder and chairman, owns a slightly larger stake than the other managers. He says: "There was a certain level of frustration among clients when 70% of our equity was owned by people under criminal charges. Clients were afraid the whole operation would go bust."

Yurov admits the price the management paid Menatep for the bank " $107 million " was at a significant discount. "It was a price fair to that particular moment," he says.

Troika Dialog's CEO, Ruben Vardanian, has been trying to complete his MBO ever since 1997, when Troika's founder, Peter Derby, sold 86% of the brokerage to Bank of Moscow for a reported $65 million, leaving Troika management with 15% of the shares.

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?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree