Troika recovers after a year of losses
Sberbank of Russia has admitted that Troika Dialog, the investment firm it merged with earlier this year, has suffered accounting losses last year, but since the merger things are looking much brighter.
The bank wrote about the losses in a statement obtained by Russia’s financial news source Vedomosti. The note does not disclose specific figures.
The results represent Troika’s balance sheet for last year, before its merger with Sberbank.
Official figures on how the firm has fared since the merger are not available, since it typically does not reveal details of its accounting.
But Troika’s representative has confirmed to Vedomosti that the investment business has been profitable this year.
Since the merger, the investment banking team at Troika has seen an overhaul as the firm has concentrated on building up its new business.
Recent appointments include Peter Holowka from Unicredit Bank as head of electronic foreign exchange trading, Dean Tyler as head of international fixed income sales, Mazen Nomura as head of credit trading and Evgeny Ageshin as head of corporate sales.
The efforts seem to have paid off already. The total earnings of the merged Sberbank/Troika Dialog investment banking team have gained 50% on the same period the previous year, Vedomosti reports.
Troika Dialog was founded in 1991 as one of the first investment houses after the demise of the communist regime in Russia. It merged officially with Sberbank on 23 January, forming the largest universal banking institution in Russia.
The firm is active in the areas of securities sales and trading, investment banking, private wealth and asset management, direct and venture investments, as well as personal investment and finance.
Its offices are located in 21 cities across Russia as well as New York, London, Nicosia, Kiev and Almaty.