Sberbank CIB is a
multinational investment bank
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing i ...
ing and
asset management firm headquartered in
Moscow
Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 millio ...
,
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...
, and a subsidiary of
Sberbank
PJSC Sberbank (russian: Сбербанк, initially a contraction of russian: сберегательный банк, translit=sberegatelnyy bank, lit=savings bank, link=no) is a Russian majority state-owned banking and financial services compa ...
. 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 cli ...
,
investment banking,
private wealth and
asset management, retail distribution and
alternative investments. The company focuses on markets in Russia and other CIS countries. It operates in more than 20 cities in Russia plus offices in
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
,
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
,
Kyiv
Kyiv, also spelled Kiev, is the capital and most populous city of Ukraine. It is in north-central Ukraine along the Dnieper River. As of 1 January 2021, its population was 2,962,180, making Kyiv the seventh-most populous city in Europe.
Kyi ...
,
Almaty, and
Nicosia. Troika Dialog's clients include leading Russian and international companies, financial institutions, government agencies and
high-net-worth individuals.
History
Troika Dialog was co-founded by the American Peter Derby (russian: Петр Дерби; born 18 August 1960
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
) and Bernard Sucher in 1991.
; born 18 August 1960
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
) became an auditor at
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fi ...
in New York where he remained until 1985 when he took a job at
National Westminster Bank
National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, i ...
as the director of corporate finance. He lived in Russia from 1990 until May 1998 when he returned to the United States and joined
Irvington, New York's board of trustees. From April 2003 until May 2005, he served as Managing Executive for Operations and Management at the SEC.
[ 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 (russian: Диалог-банка), 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 (russian: Банк Москвы) 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 ...
(russian: Банк Москвы) 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 obtained control of Bank of Moscow, Andrei Borodin
Andrey Fridrikhovich Borodin (russian: Андре́й Фри́дрихович Бороди́н; 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 de ...
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.; born 29 February 1964 Moscow
Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 millio ...
, Soviet Union
The Soviet Union,. officially the Union of Soviet Socialist Republics. (USSR),. was a List of former transcontinental countries#Since 1700, transcontinental country that spanned much of Eurasia from 1922 to 1991. A flagship communist state, ...
) graduated from in 1986 with a PhD degree (Candidate of Economic Sciences) in International Economic Relations and established and headed Moscow Business Consultants (MBC) in 1988 leading it until 1997 while he advised 30 large scale projects receiving direct foreign investments in the Soviet Union and later Russia. He took an ''investments in emerging markets'' course at Merrill Lynch in the United States in 1992 and studied at the Advanced Management Program at the Institut européen d'administration des affaires (INSEAD) at Fontainebleau near Paris
Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), ma ...
in 2005.[ While Sergey Skvortsov studied at Merrill Lynch in 1992, Rubin Vardanyan spoke with Skortsov and later while Skortsov returned to Moscow, he and Vardanyan became close. He worked at Troika Dialog from 1998 until 2013 and in March 2013 began working closely with ]Sergey Chemezov
Sergey Viktorovich Chemezov (russian: Сергей Викторович Чемезов; born 20 August 1952) is the CEO of Rostec Corporation, a state-owned defense conglomorate. A former KGB agent and high-ranking general, Chemezov befriended ...
at Rostec.[ He is on the boards of OJSC KAMAZ (2006), Nestle Russia (2007), OJSC AvtoVAZ (June 2008) and Russian Helicopters.] After Sergey Chemezov
Sergey Viktorovich Chemezov (russian: Сергей Викторович Чемезов; born 20 August 1952) is the CEO of Rostec Corporation, a state-owned defense conglomorate. A former KGB agent and high-ranking general, Chemezov befriended ...
and Chairman of the Board Carlos Ghosn
Carlos Ghosn (; ; ar, كارلوس غصن; , born 9 March 1954) is a businessman who holds Brazilian and French nationality. Ghosn was the CEO of Michelin North America, chairman and CEO of Renault, chairman of AvtoVAZ, chairman and CEO of Ni ...
stepped down from the board of AvtoVaz on 23 June 2016, Skvortsov, who was deputy director of the Chemezov led Rostec, became Chairman of the Board of AvtoVaz.
In May 2002, Alexander Mamut
Alexander Leonidovich Mamut also spelled Aleksandr, (russian: Алекса́ндр Леони́дович Маму́т; born 29 January 1960, Moscow) is a Russian billionaire lawyer, banker and investor.
Used to be (until 2020) a co-owner of Ram ...
became a director. From 2003 to 2006, its executive director was Sergey Skvortsov.[
From July 2007 until 2010, Andrey Vladimirovich Sharonov (russian: Андрей Владимирович Шаронов) 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) 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 states that have joined together for mutual benefit or to achieve some common purpose, whether or not explicit agreement has been worked out among them. Members of an alliance are called ...
of AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftoˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ ( rus, ВАЗ), an acronym for Volga Automotive Plant in Russian (russian: Во́лжский автомо ...
-Renault
Groupe Renault ( , , , also known as the Renault Group in English; legally Renault S.A.) is a French multinational automobile manufacturer established in 1899. The company produces a range of cars and vans, and in the past has manufacture ...
- Nissan and the partnership among KAMAZ OJSC, Daimler AG Concern and Rostec. 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.[
Troika Dialog has been privately owned by 109 employee partners. In March 2009, the company announced a strategic alliance with ]Standard Bank
Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
History
...
Group under which Standard Bank will become a 36% shareholder in Troika Dialog. In March 2011, Sberbank
PJSC Sberbank (russian: Сбербанк, initially a contraction of russian: сберегательный банк, translit=sberegatelnyy bank, lit=savings bank, link=no) is a Russian majority state-owned banking and financial services compa ...
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 Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
History
...
. 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 is a Belgium-based financial services company that specializes in the settlement of securities transactions, as well as the safekeeping and asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & Co. to settl ...
.
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, 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 access ...
, strategic alliance A strategic alliance (also see strategic partnership) is an agreement between two or more parties to pursue a set of agreed upon objectives needed while remaining independent organizations.
The alliance is a cooperation or collaboration which aims ...
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 whe ...
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 (russian: link=no, ОАО «Российские железные дороги» (ОАО «РЖД»), OAO Rossiyskie zheleznye dorogi (OAO RZhD)) is a Russian fully state-owned vertically integrated railway company, both manag ...
, AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftoˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ ( rus, ВАЗ), an acronym for Volga Automotive Plant in Russian (russian: Во́лжский автомо ...
, KamAZ, Sukhoi Aviation Corporation, Novorossiysk Commercial Seaport, Power Machines, NOVATEK, URSA Bank, Vozrozhdenie Bank, Vimpelcom
VEON Ltd. (formerly VimpelCom Ltd.) is a Dutch-domiciled multinational telecommunication services company. It predominantly operates services in the regions of Asia, Africa and Europe. It is the 13th largest mobile network operator in the wor ...
, IBS, Pharmacy Chain 36.6, Wimm-Bill-Dann, Nidan, World Class, Fortum
Fortum Oyj is a Finnish state-owned energy company located in Espoo, Finland. In addition to Finland, it focuses on Germany and other countries in Central Europe, Great Britain, Russia and the Nordic region. Fortum operates power plants, inc ...
.
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 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: 2014–2017
After the annexation of the Crimean Peninsula by Russia in 2014, the Obama administration 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, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...
's Office of Foreign Assets Control (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 Donbass
War is an intense armed conflict between states, governments, societies, or paramilitary groups such as mercenaries, insurgents, and militias. It is generally characterized by extreme violence, destruction, and mortality, using regular ...
.[Ukraine blocks sale of subsidiaries of Russia's Sberbank, VEB – media]
UNIAN
The UNIAN or Ukrainian Independent Information Agency of News ( uk, Українське Незалежне Інформаційне Агентство Новин, УНІАН, translit=Ukrayins'ke Nezalezhne Informatsiyne Ahentstvo Novyn) is a ...
(29 July 2017)
Notes
References
Sources
SEC Press-release
Troika's press-release
Article
in Vedomosti
''Vedomosti'' ( rus, Ведомости, p=ˈvʲedəməsʲtʲɪ, ) is a Russian-language business daily newspaper published in Moscow.
History
''Vedomosti'' was founded in 1999 as a joint venture between Dow Jones, who publishes ''The Wall ...
(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