Walkers, a leading international law firm, has acted for Sberbank of Russia ("Sberbank") in its acquisition, from Standard Bank and a group of other shareholders, of Troika Dialog, one of the leading investment companies in the CIS.
Troika Dialog has securities trading, investment banking, private wealth and asset management operations in 21 cities across Russia plus offices in the UK, US, Ukraine, Kazakhstan and Cyprus. The closure of this deal created the largest universal banking institution in Russia.
The US$1 billion merger will support Sberbank in its drive to enhance further its client service via the delivery of a full range of modern financial products, ranging from traditional credit instruments to complex investment banking and global markets products.
Walkers provided multi-jurisdictional legal services for this transaction, including acting as Cayman Islands and British Virgin Islands counsel. The Walkers team was led by Jack Boldarin, Partner in the firm’s Corporate & Finance Group and also featured Neil McDonald and Michelle Soulsby. Walkers worked alongside the Linklaters Moscow office in advising Sberbank on this transaction.
Jack Boldarin, Partner, Walkers, said: “Our involvement in this deal underscores our successful track record in advising on the market leading, cross-border corporate transactions in the Russia and CIS region.”
“This deal will play a major role in hastening the modernisation of Russia’s financial industry and provide a firm footing upon which Sberbank can move to reach its ambitious growth targets in its key business areas, including investment banking.” “Russia and CIS expertise is a key part of our offering here in our European based hub in Jersey, an area from where we can deliver time zone sensitive, multi-jurisdictional advice on British Virgin Islands, Cayman Islands, Jersey and Irish law to our international clients.”
Sberbank is the largest credit institution in Russia and the CIS, accounting for 26% of the aggregate banking assets and 30% of banking capital in the wider region. Sberbank has a total of 20,000 branches across Russia. Sberbank accounts for 47.9% of retail deposits, 31% of consumer loans and 31% of corporate loans in Russia.