Sberbank CIB is a
multinational investment bank
Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...
ing and
asset management
Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...
firm headquartered in
Moscow
Moscow is the Capital city, capital and List of cities and towns in Russia by population, largest city of Russia, standing on the Moskva (river), Moskva River in Central Russia. It has a population estimated at over 13 million residents with ...
,
Russia
Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...
, and a subsidiary of
Sberbank
The Public JSC Sberbank (, initially a contraction of ) is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the USSR, it was ...
. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.
Sberbank CIB's core lines of business are securities
sales and trading
Sales and trading is one of the primary front-office divisions of major investment banks. The term is typically reserved for the trading activities done by sell-side investment banks who are primarily engaged in making markets for institutional cl ...
,
investment banking
Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...
,
private wealth and
asset management
Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...
, retail distribution and
alternative investments
An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding capital stocks, bonds, and cash.
The term is a relatively loose one and includes tangible a ...
. The company focuses on markets in Russia and other CIS countries. It operates in more than 20 cities in Russia plus offices in
Almaty
Almaty, formerly Alma-Ata, is the List of most populous cities in Kazakhstan, largest city in Kazakhstan, with a population exceeding two million residents within its metropolitan area. Located in the foothills of the Trans-Ili Alatau mountains ...
, and
Nicosia
Nicosia, also known as Lefkosia and Lefkoşa, is the capital and largest city of Cyprus. It is the southeasternmost of all EU member states' capital cities.
Nicosia has been continuously inhabited for over 5,500 years and has been the capi ...
. Offices in
London
London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
and
Kyiv
Kyiv, also Kiev, is the capital and most populous List of cities in Ukraine, city of Ukraine. Located in the north-central part of the country, it straddles both sides of the Dnieper, Dnieper River. As of 1 January 2022, its population was 2, ...
were closed in 2022, Troika Dialog's clients include leading Russian and international companies, financial institutions, government agencies and
high-net-worth individual
In the financial services industry, a high-net-worth individual (HNWI) is a person who maintains liquid assets at or above a certain threshold. Typically the criterion is that the person's financial assets (excluding their primary residence) are ...
s.
History
Troika Dialog was co-founded by the American Peter Derby (; born 18 August 1960
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
) and Bernard Sucher in 1991.
He served as president and CEO of Troika Dialog from 1991 to 1996 and as chairman from 1996 to 1997.
[ Previously, he helped found Dialog-Bank (), which was the first licensed private Russian bank for international banking, serving as CFO of Dialog-Bank in 1990, becoming president and CEO from 1991 to 1997, and was chairman from 1997 to 1998 when the bank failed during the Russian financial crisis.][
In 1997, ]Bank of Moscow
The Bank of Moscow () was a Russian bank that provided banking services to both corporate and retail customers until May 2016. Headquartered in Moscow, the bank had 267 outlets, including branch offices and cash desks. BoM had over 114,000 corpor ...
() became a shareholder of the Troika Dialog owning 80% stake until 8 April 2002 when the Bank of Moscow sold its stake to the Troika Dialog's management. As founder and president of Bank of Moscow from 1995 until 2011 when VTB
VTB Bank (; formerly known as ''Vneshtorgbank'', , lit. 'International Trade Bank') is a Russian majority state-owned bank headquartered in various federal districts of Russia; its legal address is registered as St. Petersburg. As of 2022, o ...
obtained control of Bank of Moscow, Andrei Borodin
Andrey Fridrikhovich Borodin (; born Moscow, 24 May 1967) is a Russian financial expert, economist and businessman who until 2011 was President of Bank of Moscow. He and his first deputy Dmitri Akulinin were dismissed from office by the court for ...
controlled the Troika Dialog.
From 1997 to 2002, its executive director was Andrei Andreivich Movchan and its managing director for investment banking was Sergey Viktorovich Skvortsov.
In May 2002, Alexander Mamut
Alexander Leonidovich Mamut (; born 29 January 1960) is a Russian-Israeli billionaire, oligarch, lawyer, banker and investor. Until 2020, he was a co-owner of Rambler Group.
In June 2022, ''Forbes'' estimated Mamut's net worth at $2 billion.
...
became a director. From 2003 to 2006, its executive director was Sergey Skvortsov.[
From July 2007 until 2010, Andrey Vladimirovich Sharonov () was chairman of the board and managing director of Troika Dialog.] From April 2006 to March 2013 when he became a managing director for investments of the State Corporation Russian Technologies (Rostec
Rostec, formally trading as State Corporation "Rostec", fully the State Corporation for the Promotion of the Development, Manufacture, and Export of High Tech Products "Rostec" and formerly Rostekhnologii, is a Russian State corporation (Russia), ...
) in April 2013, Sergey Skortsov was Troika Dialog's main partner and the president of Troika Capital Partners, which manages private equity and venture capital funds as well as Troika Dialog's own investments In 2008 under Skvortsov's leadership, Troika Dialog spearheaded the alliance
An alliance is a relationship among people, groups, or sovereign state, states that have joined together for mutual benefit or to achieve some common purpose, whether or not an explicit agreement has been worked out among them. Members of an a ...
of AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftɐˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ (), an acronym for Volga Automotive Plant in Russian (). AvtoVAZ is best known for its flagship series of ...
-Renault
Renault S.A., commonly referred to as Groupe Renault ( , , , also known as the Renault Group in English), is a French Multinational corporation, multinational Automotive industry, automobile manufacturer established in 1899. The company curr ...
-Nissan
is a Japanese multinational Automotive industry, automobile manufacturer headquartered in Yokohama, Kanagawa, Japan. The company sells its vehicles under the ''Nissan'' and ''Infiniti'' brands, and formerly the ''Datsun'' brand, with in-house ...
and the partnership among KAMAZ OJSC, Daimler AG Concern and Rostec
Rostec, formally trading as State Corporation "Rostec", fully the State Corporation for the Promotion of the Development, Manufacture, and Export of High Tech Products "Rostec" and formerly Rostekhnologii, is a Russian State corporation (Russia), ...
. In early April 2008, Rubin Vandaryan stated that Troika Dialog through Avtoinvest and Kamaz-Capital had the controlling stake in KamAZ. Since 2008, Troika Dialog was the nominal owner of AvtoVAZ and KamAZ for the beneficial owner Sergei Roldugin
Sergei Pavlovich Roldugin ( Russian: Сергей Павлович Ролдугин, born 28 September 1951 Sakhalin) is a Russian cellist and businessman based in St Petersburg. He is a close friend of Vladimir Putin. He has been implicate ...
.[
Troika Dialog has been privately owned by 109 employee partners. In March 2009, the company announced a strategic alliance with ]Standard Bank
Standard Bank (officially Standard Bank Group Limited) is the largest bank in Africa, as well as the continent's biggest lender by assets.
The company's corporate headquarters, Standard Bank Centre, is located in Johannesburg, Gauteng. The ...
Group under which Standard Bank will become a 36% shareholder in Troika Dialog. In March 2011, Sberbank
The Public JSC Sberbank (, initially a contraction of ) is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the USSR, it was ...
agreed to acquire Troika Dialog for US$1 billion, through the purchase of a 63.6 percent stake held by a shareholder group led by Ruben Vardanyan, and a 36.4 percent stake held by South Africa's Standard Bank
Standard Bank (officially Standard Bank Group Limited) is the largest bank in Africa, as well as the continent's biggest lender by assets.
The company's corporate headquarters, Standard Bank Centre, is located in Johannesburg, Gauteng. The ...
. In 2012 the brokerage firm has been acquired by Russia's biggest bank, Sberbank, for US$1bn and continued operation as a part of its investment banking division.
Troika Laundromat
Also known as ŪkioLeaks, Troika Laundromat was a collection of 70 offshore shell companies whose controllers used them to move billions of dollars of private wealth from Russia to the west. About $4.6bn was paid into the Troika network, and a similar sum was paid out of it. It was operated by staff at an independent arm of the Russian investment bank Troika Dialog, which has now been merged with one of Russia's two big state-owned banks. The network was like a washing machine: money arrived from many sources. Most transfers were at Lithuania's Ukio Bank, closed by the authorities in February 2013.
Operations
Capital markets
Equities. The company is active in Russian equity sales and trading.
Fixed Income. The company is an operator on the secondary ruble bond market and participant in the secondary Eurobond market. The company provides its clients with custody and clearing services for debt instruments, including settlement and clearing facilities DVP Euroclear
Euroclear, or the Euroclear Group, is a Belgium-based financial market infrastructure group that specialises in the central securities depository (CSD) segment. It traces its origins to the Euro-clear System developed in 1968 by Morgan Guaranty (a ...
.
Derivatives and Structured Products. The company, as the founding trading member of the RTS-FORTS index futures, continues to develop its role in the Derivatives marketplace.
Treasury. The company Treasury's key line of activity is hedging currency, interest rate and commodity risks faced by clients.
Research
The company's analysts actively monitor over 300 companies.
Investment banking
The company provides M&A services, including mergers, sell and buy-side advisory, leveraged buyouts
A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money ( leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of the acquired company ...
, joint ventures
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
, strategic alliance
A strategic alliance is an agreement between two or more Legal party, parties to pursue a set of agreed upon objectives needed while remaining independent organizations.
The alliance is a cooperation or collaboration which aims for a synergy wh ...
s, and fairness opinion
A fairness opinion is a professional evaluation by an investment bank or other third party as to whether the terms of a merger, acquisition, buyback, spin-off, or privatization are fair. It is rendered for a fee. They are typically issued wh ...
s. It provides clients with services including arranging and leading primary bond issues and secondary market trading and in-depth Fixed Income market research. Troika has managed and been involved in transactions by Western and Russian companies, both blue chip and rapid growth issuers, such as RAO UES of Russia, Russian Railways
Russian Railways or RZD () is a Russian fully state-owned vertically integrated railway company, both managing infrastructure and operating freight and passenger train services and has a near-monopoly on long-distance train travel in Russia.
...
, AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftɐˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ (), an acronym for Volga Automotive Plant in Russian (). AvtoVAZ is best known for its flagship series of ...
, KamAZ, Sukhoi Aviation Corporation, Novorossiysk Commercial Seaport, Power Machines, NOVATEK, URSA Bank, Vozrozhdenie Bank, Vimpelcom
VEON Ltd. (formerly VimpelCom Ltd.), also known as VEON Group, is a multinational telecommunication and digital services company. Headquartered in Dubai, the company is publicly traded on the U.S.-based NASDAQ stock exchange. VEON operates in ...
, IBS, Pharmacy Chain 36.6, Wimm-Bill-Dann
Wimm Bill Dann Foods () is one of Europe's largest dairy products companies. WBD produces yogurt, milk, flavored milk, fruit juices, and other soft drinks. It holds a 34% share in all dairy products in Russia, and a 20% share of the fruit drink m ...
, Nidan, World Class, Fortum
Fortum Oyj is a Finland, Finnish Government of Finland, state-owned energy company located in Espoo, Finland. It mainly focuses on the Nordic countries, Nordic region. Fortum operates power plants, including co-generation plants, and generate ...
.
Asset management
Founded in 1996, Troika Dialog Asset Management (TDAM) is a Russian asset manager.
Personal investments and finance
The company provides customer service to wealthy mass clients, offering a range of products.
Alternative investments
Troika Capital Partners (TCP) is an alternative investment business.
The Russia Forum
Since 2008 Troika Dialog organizes an annual three-day forum held in Moscow – “The Russia Forum
The Russia Forum was an annual event held in Moscow, hosted by Troika Dialog from 2008 to 2013. From 2012, The Russia Forum was jointly presented by Sberbank of Russia and Troika Dialog.
It was sometimes referred to as the "Russian Davos" (Worl ...
”. The Forum follows a similar format to that of the Davos meeting of the World Economic Forum (WEF) in bringing together representatives of the international investor's community, Russian political and business leaders, public figures, celebrities and media to discuss Russia's involvement in the challenges facing Russia and the global economy.
US, EU, Switzerland, and Ukraine sanctions: 2014–2022
After the annexation of the Crimean Peninsula by Russia in 2014, the Obama administration
Barack Obama's tenure as the 44th president of the United States began with his first inauguration on January 20, 2009, and ended on January 20, 2017. Obama, a Democrat from Illinois, took office following his victory over Republican nomine ...
imposed sanctions on 12 September 2014, through the US Department of Treasury
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States. It is one of 15 current U.S. government departments.
The department oversees the Bureau of Engraving and ...
's Office of Foreign Assets Control
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the United States Department of the Treasury, United States Treasury Department. It administers and enforces economic and trade economic sanctions, ...
(OFAC) by adding Sberbank and other entities to the Specially Designated Nationals List (SDN). This was done in concert with 31 July 2014 addition of Sberbank to the European Union sanctions list. Sanctions consist of access restriction to the EU and US capital markets.
On 27 August 2014, Switzerland imposed sanctions on Sberbank, its subsidiaries, and other Russian financial institutions.
On 22 December 2015, the United States imposed additional sanctions on Sberbank and its subsidiaries.[
On 17 October 2016, Ukraine imposed sanctions against Sberbank Russia, Sberbank Leasing, and their payment systems Kolibri (Hummingbird), formerly Blitz (Ukrainian: «Колибри» стара назва – «Блиц») and Sberbank subsidiaries.]
On 15 March 2017, the president of Ukraine imposed sanctions on Sberbank and its subsidiaries (and other Russian state-owned banks operating in Ukraine: VTB Bank, BM Bank, Prominvestbank, and VS Bank (Ukrainian: ВіЕс Банк)) as part of its continued sanctions on Russia for its annexation of Crimea and involvement in the War in Donbas
The war in Donbas, or the Donbas war, was a phase of the Russo-Ukrainian War in the eastern Donbas region of Ukraine. The war Timeline of the war in Donbas (2014), began in April 2014, when Russian separatist forces in Ukraine, Russian para ...
.[Ukraine blocks sale of subsidiaries of Russia's Sberbank, VEB – media]
UNIAN
The Ukrainian Independent Information Agency of News () is a Kyiv-based Ukraine, Ukrainian news agency. It produces and provides political, business and financial information, and a photo reporting service. As of October 2022, it was the most v ...
(29 July 2017)
On 25 February 2022 the banking licence of Sberbank in Ukraine was revoked.
On 1 April 2022 Sberbank CIB (UK) Limited went into Administration.
The affairs of Sberbank CIB USA, Inc were placed into wound down from April 2022.
Notes
References
Sources
SEC Press-release
Troika's press-release
Article
in Vedomosti
( rus, Ведомости, p=ˈvʲedəməsʲtʲɪ, ) is a Russian-language business daily newspaper published in Moscow.
History
was founded in 1999 as a joint venture between Dow Jones, who publishes ''The Wall Street Journal''; Pearson, ...
(in Russian)
External links
*
{{Authority control
Russian investment banks
Companies based in Moscow
Financial services companies established in 1991
Banks established in 1991
Sberbank of Russia
1991 establishments in Russia