Sberbank cib

The Troika Dialog Company was founded in 1991 by Peter Derby ^[3] , an American of Russian origin, who at that time headed DialogBank, one of the first commercial banks in new Russia. In 1992, Ruben Vardanyan became the chief executive officer of Troika. Since its inception, the company has audited financial statements under IFRS .

In 1993, a brokerage company was established as part of Troika, which began trading vouchers . During the voucher privatization period, Troika Dialog occupied one of the first places in the privatization voucher trade, having invested over 2.3 million vouchers of its clients by July 1994.

In 1997, the Bank of Moscow bought Troika Dialog ^[4] . In 1999, the Swiss investment corporation Hansa Aktiengesellschaft acquired a 5% stake in Troika ^[5] . In 2002, Troika Dialog completed the transaction to redeem a block of shares by management and elected a new board of directors ^[6] .

In 2004, the transaction on the repurchase of Troika Dialog shares from the Bank of Moscow was completed. As a result, 95% of the company's shares were transferred to the management of the company, 5% remained with the Swiss fund Hansa AG. Troika has begun to build a new property system - a partnership ^[7] .

In 2006, Troika Dialog bought 5% of its shares from the last external shareholder , Hansa AG, and became fully independent ^[8] . According to 2006 data, the company belonged to a partnership that included more than 40 employees; more than 70% was from the chairman of the board of directors Ruben Vardanyan. According to Vardanyan himself, the value of the company as of December 2006 exceeded $ 1 billion ^[9] .

In 2007, Troika Dialog launched a new trading - one of the largest and most high-tech on the Russian stock market ^[10] .

In January 2008, the company held the first international economic forum in Moscow ^[11] . The Russia Forum is becoming the annual meeting place for Russian and international investors, representatives of the political and business elite, world-renowned experts who exchange ideas and discuss the most pressing economic, political, financial, social and environmental problems in a format of free discussion ^[12] .

Selling a company

In the summer of 2006, it became known that Ruben Vardanyan was looking for a buyer for Troika, after its managers bought out 5% of the company's shares from the last external shareholder, the Swiss fund Hansa AG. Among the applicants were called (in order of appearance of information) JPMorgan Chase , VTB and Credit Suisse . In December of the same year, Ruben Vardanyan told Vedomosti that he was considering options for “strategic alliances with the largest Russian, European, American, South African and Japanese banks, ” and also consults with Goldman Sachs about Troika's possible IPO .

On January 24, 2007, at the economic forum in Davos , VTB President Andrei Kostin stated that he was negotiating a possible purchase of Renaissance Capital or Troika Dialog ^[13] . In the same year, Vardanyan in Davos told Reuters that Troika did not plan listing and major deals until the 2008 presidential election. On January 23, 2007, in an interview with Vedomosti, Vardanyan said that the approximate cost of the company is 2.5-3 billion US dollars. In early March 2009, it was announced that 33% of Troika Dialog was sold to the South African Standard Bank . It was expected that the bank would buy an additional issue of a Russian company for $ 200 million, and the Russian Standard Bank would join Troika ^[14] .

The first information about the sale of the company to Sberbank appeared on October 1, 2010 ^[15] . But after lengthy negotiations on March 11, 2011, it became known that Sberbank buys 100% of Troika Dialog for $ 1 billion (besides, depending on the results of work for three years, as expected, Troika partners should receive a reward) ^[16] . At the end of October 2011, the transaction was approved by the FAS of Russia ^[17] . The closing of the transaction was announced in January 2012. ^[18]

After purchase by Sberbank

In 2012, as a result of the integration of Sberbank and Troika Dialog, Sberbank CIB is created, which includes units of the former Troika (investment banking department, global markets and structured products departments, Sberbank Investment Research), and the department for working with the largest Sberbank and Sberbank Merchant Banking clients.

In 2012, there is an integration of asset management businesses : product lines and management teams of Sberbank and Troika Dialog as based on the latter. Today, the management company operates under the new name Sberbank Asset Management. ^[nineteen]

The business of servicing wealthy private clients was singled out in a separate area and operates under the Sberbank Private Banking brand. ^[20]

By March 2017, CIB's clients were 5,714 legal entities, the volume of the loan portfolio for the “largest clients” amounted to 7.4 trillion rubles. According to Thomson Reuters, in 2016 the bank became the second in Russia in share capital ($ 531 million, or 17.1%) and the third in investment banking fees ($ 36.6 million, or 10.4%) and borrowed capital ($ 2 , 2 billion, or 5.3% ^[21] ).

Analytical Report Scandal

In 2018, in the May report of Sberbank CIB on Russian oil and gas companies, sponsored by Alexander Feck and Anna Kotelnikov, as the main beneficiaries of Gazprom projects for the construction of export gas pipelines to China and Europe (“Power of Siberia”, “Nord Stream-2” , “Turkish Stream”) were designated contractors, among them “Stroygazmontazh” by Arkady Rotenberg and “Stroytransneftegaz” (about 50% belong to Gennady Timchenko and his family). After the appearance of this report, Alexander Feck, an analyst at Sberbank CIB, and Alexander Kudrin, head of the analytical division at Sberbank CIB, were dismissed from the company. Subsequently, Sberbank President German Gref apologized to Gazprom CEO Alexei Miller and other figures directly or indirectly indicated in the Sberbank CIB analytical report, namely co-owner of Stroytransneftegaz, Gennady Timchenko, co-owner of Stroygazmontazh, Arkady Rotenberg, co-owner of a AUDA AUDA, and a AUDA AUDI Company, a luser, a laxant company the actions of Sberbank CIB employees “unprofessional” ^{[22] [23] [24] [25]} In October 2018, the analyst’s vacant position was taken by Andrei Gromadin, a former Rosneft employee ^[26] .

Sberbank CIB is 100% owned by Sberbank ^[27] .

The head of Sberbank CIB in 2016 ^[21] -2018 ^[28] was Igor Bulantsev. The co-director of Sberbank CIB is Alexander Bazarov (Senior Vice President of Sberbank). ^{[29] [30]}

Sberbank CIB consists of a client management department, a credit department, an investment department ^[31] , a global markets department ^[32] , a trade finance and correspondent department, and a Sberbank Investment Research ^[33] (analytical department).

Sberbank CIB serves 5714 legal entities united in conglomerates and holdings ^[34] and provides the largest clients with all types of banking services and debt financing (banking products and services are provided by Sberbank PJSC): loans , project financing , syndicated loans, structured financing, etc.

The Investment Department provides mezzanine financing, M & A ( mergers and acquisitions ^[35] ), Advisory (financial advisory services) and restructuring services. The Sberbank CIB team has a number of successful transactions involving financing, mergers and acquisitions, business restructuring and advising leading Russian and foreign companies.

Services in global markets ^[32] include trading in securities (stocks, bonds, derivatives market instruments), as well as currencies and commodity contracts. In addition to debt securities and stocks, Sberbank CIB offers clients specialized derivatives and structured products that are used to optimize funding costs or as a risk management and hedging instrument in operations with interest rates , currencies and commodities.

Sberbank Investment Research ^[33] provides analytical support for equity and bond markets within the global markets business of Sberbank CIB. Analysts conduct strategic and macroeconomic research, as well as an in-depth analysis of the activities of Russian companies, providing investors with an independent view on securities. Sberbank Investment Research products include daily stock and debt market reviews, company reviews (about 150 companies from Russia, Ukraine, Kazakhstan, Georgia and Turkey are analyzed), industries, and a number of other studies.

Sberbank CIB products and services are available ^[21] :

• in its own offices in Moscow, New York , London and Nicosia ^[36] ;
• in 12 territorial banks of Sberbank throughout Russia;
• at Sberbank (Switzerland) AG in Switzerland;
• at Sberbank Europe AG in Central and Eastern Europe;
• at DenizBank in Turkey.

• Sberbank CIB official website