Standard Bank Group said it doesn’t want to exit Russia “as a region” after Business Day reported that Africa’s biggest bank could sell its stake in Troika Dialog.
“Long term, our interest in the region is still strong,” Simon Ridley, chief financial officer of the Johannesburg-based bank, said Friday in an interview. “We are a minority shareholder in Troika,” he said.
Standard Bank might sell its Troika stake for $360 million, Business Day said, citing Renaissance Capital and unidentified Russian media reports. Standard Bank paid $300 million for its 36.4 percent stake in Troika in 2009.