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Sberbank to Approve Troika Dialog Purchase, Vedomosti Reports

Feb. 25 (Bloomberg) -- 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.

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