S. Africa's Standard Bank to Buy into Russia's Investment Bank

By staff reporter Cao Zhen

(.com.cn) South Africa's Standard Bank, of which Industrial and Commercial Bank of China holds a 20 percent stake, said it is buying shares of Russia's largest private investment bank Troika Dialog Group.

Standard Bank said on Oct 12 that the 33 percent stake will be purchased at US$200 million in the form of convertible loans. Standard, Africa's largest bank, will also merge its Russian operations with Troika Dialog.