Johannesburg - Standard Bank Group
[JSE:SBK] has completed the disposal of its 36.4% investment in Troika Dialog Group to Russia's largest bank Sberbank for $372m.
Africa's largest bank by assets will also participate in an earn-out payment based on the performance of Troika Dialog over the three financial years.
Sberbank has also acquired the controlling stake in Troika Dialog from TDM Limited Partnership.
"After the receipt of all necessary approvals, Standard Bank is pleased to confirm that this transaction has been closed successfully," it said on Thursday.
"Standard Bank Group is pleased to have played a role in the development of Troika Dialog and we look forward to further developing our strong relationship with Sberbank and Troika," said group CEO
Jacko Maree.
"We continue to regard Russia as an important market and we are already working with Sberbank/Troika in developing business in areas of common interest, particularly in Africa and in the area of natural resources," he said.