Sberbank to Approve Troika Dialog Purchase, Vedomosti Reports

OAO Sberbank will approve the purchase of Troika Dialog, Russia’s oldest investment bank, at a meeting today of its advisory board, Vedomosti reported, citing an unidentified board member.

State-run Sberbank plans to buy an 80 percent stake in Troika Dialog, the Moscow-based newspaper said.

The investment bank, whose entire shareholding was originally valued at $1.25 billion, may fetch a lower price, Vedomosti said.

Sberbank Chief Executive Officer German Gref said on Dec. 29 that there was a “high degree of probability” that Russia’s largest lender would purchase an investment bank in the first quarter of 2011.

To contact the reporter on this story: Henry Meyer at hmeyer4@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net.

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.