GENERAL BUSINESS FEED
Standard Bank completes Troika disposal
Johannesburg, Jan 26 (I-Net Bridge) - Standard Bank Group (SBK) has completed the disposal of its 36.4% investment in Troika Dialog Group to Sberbank, Russia's largest Bank for an upfront payment of US$372 million.
The South African banking group - the largest by assets on the African continent - will also participate in an earn-out payment based on the performance of Troika Dialog over the three financial years ending in 2013.
Sberbank has also acquired the controlling stake in Troika Dialog from TDM Limited Partnership.
"After the receipt of all necessary approvals, Standard Bank is pleased to confirm that this transaction has been closed successfully," Standard bank said on Thursday.
"Standard Bank Group is pleased to have played a role in the development of Troika Dialog and we look forward to further developing our strong relationship with Sberbank and Troika," said Jacko Maree, Group Chief Executive of Standard Bank, adding: "We continue to regard Russia as an important market and we are already working with Sberbank/Troika in developing business in areas of common interest, particularly in Africa and in the area of natural resources."
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