afrol News, 6 March - Standard Bank Group Ltd., Africa’s largest bank, is expanding its wings further east, after having acquired 33 percent of Russia’s investment bank, the Troika Dialog. The deal is however yet to be confirmed subject to regulatory letters between Russia and South Africa.

Troika Dialog, said to be Russia's oldest investment bank has said in a statement that a deal has been sealed with the South African giant for US$ 200 million which will entitle the South African company all Troika's Russian business.

The Russian company said the alliance with Standard Bank would boost its capital base to more than $850 million, also adding that the new alliance will explore new business geographical expansions.

The Standard Bank group, with operations in 18 African countries and a market value of about US$ 9.1 billion (R95 billion), has stated its intention to seek acquisitions in emerging economies, targeting Russia and Brazil for its expansion.

The group is also seeking further opportunities across Africa to stamp not only its presence but also its leadership in the continent.

By staff writer

© afrol News

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