Sberbank to pay for Troika Dialog later this or early next year
27.09.2011,
00:50
The owners of Troika Dialog investment company will get $1 billion from Sberbank either later this year or early in 2012, only after the deal with Sberbank that will buy it at $1 billion is closed, Troika Dialog chief executive, Ruben Vardanian, told Prim
YEREVAN, September 26. / ARKA /. The owners of Troika Dialog investment company will get $1 billion from Sberbank either later this year or early in 2012, only after the deal with Sberbank that will buy it at $1 billion is closed, Troika Dialog chief executive, Ruben Vardanian, told Prime news agency on the sidelines of Russia-Singapore Business Forum.
Sberbank, Russia’s largest state-owned bank, signed an agreement to buy 100% in Troika Dialog, one of the largest Russian investment companies, in May 2011. The transaction will be effected in two phases: at the first stage that was scheduled for completion in October, Sberbank was to pay $1 billion to the owners of Troika Dialog. The second phase of payments will be based on Troika’s earnings in 2011-2013. Under the deal, if the average annual income of Troika in the next three years will be below $70 million, then no additional payment of $700 million will be made.
Earlier, Sberbank head, German Gref, said the closing of the transaction was delayed until the end of this or the beginning of next year due to the protracted approval process by the regulators of those countries in which Troika operates. According to Vardanian, the deal was already approved by the Bank of Russia, as well as by regulators of Ukraine and Cyprus.
Ruben Vardanian could not say whether Troika Dialog will be able to meet the projected earnings target in 2011, a mandatory requirement for payment of additional payments to the owners. "Regarding income we depend very much on the markets. We shall live and see. We can make big money, but that is possible if markets operate normally," Vardanian said.
He downplayed fears of experts about a possible outflow of specialists from Troika after its sale to Sberbank.
"During this time we lost less than 3% of our staff and hired as many new people. This is a normal process. We are hiring new people from Sberbank who believe that Troika is a good platform, especially for working in today's markets ", said Vardanian.-0-
Sberbank, Russia’s largest state-owned bank, signed an agreement to buy 100% in Troika Dialog, one of the largest Russian investment companies, in May 2011. The transaction will be effected in two phases: at the first stage that was scheduled for completion in October, Sberbank was to pay $1 billion to the owners of Troika Dialog. The second phase of payments will be based on Troika’s earnings in 2011-2013. Under the deal, if the average annual income of Troika in the next three years will be below $70 million, then no additional payment of $700 million will be made.
Earlier, Sberbank head, German Gref, said the closing of the transaction was delayed until the end of this or the beginning of next year due to the protracted approval process by the regulators of those countries in which Troika operates. According to Vardanian, the deal was already approved by the Bank of Russia, as well as by regulators of Ukraine and Cyprus.
Ruben Vardanian could not say whether Troika Dialog will be able to meet the projected earnings target in 2011, a mandatory requirement for payment of additional payments to the owners. "Regarding income we depend very much on the markets. We shall live and see. We can make big money, but that is possible if markets operate normally," Vardanian said.
He downplayed fears of experts about a possible outflow of specialists from Troika after its sale to Sberbank.
"During this time we lost less than 3% of our staff and hired as many new people. This is a normal process. We are hiring new people from Sberbank who believe that Troika is a good platform, especially for working in today's markets ", said Vardanian.-0-
