U.S. regulator FINRA approves Sberbank's purchase of Troika Dialog - source
MOSCOW. Nov 10 (Interfax) - The U.S. Financial Industry Regulatory Authority (FINRA) approved Sberbank's purchase of Troika Dialog on November 9, an informed source told Interfax.
Sberbank chief German Gref told journalists on October 14 at a press conference in Almaty that he hoped that U.S. and British regulators would approve the purchase of Troika Dialog in the near future.
At the end of October, the Russia's Government Commission for Overseeing Foreign Investment in Strategic Sectors approved Sberbank's purchase of Troika Dialog.
Sberbank signed an agreement in March of this year, stating its intentions for acquiring a 100% stake in Troika Dialog Investment Company. The acquisition should be made in two stages. The first stage foresees the purchase of Standard Bank's entire stake in Troika (36.4%), as well as the stake held by Troika's partners (63.6%) for $1 billion.
Sberbank plans to close the purchase in the fourth quarter of 2011. The first tranche for the acquisition should be transferred in the fourth quarter. The merger of Sberbank and Troika should be finished in February 2012.