Standard Bank Group, the parent company of Stanbic IBTC Plc and Troika Dialog Group, the leading Russian investment bank, have announcedÂ the formalisation of their strategic partnership, following regulatory approvals, inter alia, in Russia, South Africa and the United Kingdom.
Standard Bank has taken a 33% share in Troika Dialog and merged its Russian business into Troika, leaving both companies strongly capitalised and able to deploy balance sheet strength for the benefit of their clients. Both companies will now operate under the Troika Dialog brand in Russia, creating Russiaâ€™s leading financial services provider, with a broad range of products and global reach.
Regulatory approval marks the culmination of seven months of hard work since the deal was announced, during which important strides have been made towards the integration of the two businesses. Strategic and Operations Committees have been established to realise synergies and leverage new business opportunities and ZAO Standard Bankâ€™s team will move into Troikaâ€™s offices today. Meanwhile, a new organisational structure ensures senior executives focus immediately on the revenue synergies inherent in Troika and Standard Bankâ€™s complementary offerings.
Commenting on the milestone, Standard Bankâ€™s Group CEO, Jacko Maree said: â€œWhat we have created is a unique and compelling financial services offering for all of our clients. The combination of Troika Dialogâ€™s outstanding knowledge of Russian and CIS markets with Standard Bankâ€™s global reach not only creates one of Russiaâ€™s largest and most significant financial institutions; it positions us at the centre of investment and information flows in and out of key emerging markets, with meaningful relationships, products and expertise that make a difference to our clientsâ€™ businesses.â€
Ruben Vardanian, Chairman and CEO of the Troika Dialog Group added: â€œThrough this partnership, the formalisation of a long and successful collaboration with Standard Bank, we have created a new kind of financial institution, adapted to new global markets. Today marks a watershed opportunity for New Troika to challenge and expand our professional expertise and I have been impressed by the enthusiasm with which our teams have committed to a seamless integration that prioritises client service, and Iâ€™m now excited to get down to the businesses of delivering on the many opportunities the partnership creates.â€
Ruben Vardanian will join the Board of Directors of Standard Bank Plc while Standard Bankâ€™s Rob Leith and David Duffy join the Board of Troika Dialog. Along with other senior executives, they will set the strategic vision of the partnership in the context of a new world financial order.