Sberbank has agreed with sellers Standard Bank and Troika Dialogue to complete the second stage of their 2011 deal to purchase 100 percent of investment bank Troika Dialogue early, Sberbank said Tuesday in a press release.
The deal's second stage will see Standard Bank and Troika Dialogue receive $400 million. Of this, $350 million will be paid out after the early completion agreement is signed, and the remaining $50 million will be paid upon the successful integration of Troika into Sberbank and the meeting of 2013 net profit targets.
"The creation of Sberbank CIB, "Sberbank Capital Management and Sberbank Private Banking is aimed at providing a full range of services to our clients. First year results demonstrate the effectiveness of this integration strategy, as well as the high rate of returns on invested capital," said Sberbank President German Gref.