Sberbank CIB

Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.

Sberbank CIB
FormerlyTroika Dialog
TypeSubsidiary
IndustryFinancial services
Founded1991
HeadquartersMoscow, Russia
Number of locations
7 countries
Key people
Ruben Vardanyan (President)
ProductsInvestment Banking
$200 million
ParentSberbank
WebsiteSberbank-cib.ru

Sberbank CIB's core lines of business are securities sales and trading, investment banking, private wealth and asset management, retail distribution and alternative investments. The company focuses on markets in Russia and other CIS countries. It operates in more than 20 cities in Russia plus offices in London, New York City, Kiev, Almaty, and Nicosia. Troika Dialog's clients include leading Russian and international companies, financial institutions, government agencies and high-net-worth individuals.

History

Troika Dialog was founded by the American Peter Derby in 1991.[1][2] He served as President and CEO of Troika Dialog from 1991 to 1996 and as Chairman from 1996 to 1997.[2] Previously, he helped found DialogBank, which was the first licensed private Russian bank for international banking, serving as CFO of DialogBank in 1990, became President and CEO from 1991 to 1997, and was Chairman from 1997 to 1998.[2]

From 1997 to 2002, its executive director was Andrei Andreivich Movchan[3][4] and its managing director for investment banking was Sergey Viktorovich Skortsov.[5]

From 2003 to 2006, its executive director was Sergey Skortsov.[5][6][7]

From April 2006 to March 2013 when he became a Managing Director for Investments of the State Corporation Russian Technologies (Rostec) in April 2013, Sergey Skortsov was Troika Dialog's main partner and the president of Troika Capital Partners, which manages private equity and venture capital funds as well as Troika Dialog's own investments[5][6][8]

Troika Dialog has been privately owned by 109 employee partners. In March 2009, the company announced a strategic alliance with Standard Bank Group under which Standard Bank will become a 36% shareholder in Troika Dialog. In March 2011, Sberbank agreed to acquire Troika Dialog for US$1 billion, through the purchase of a 63.6 percent stake held by a shareholder group led by Ruben Vardanyan, and a 36.4 percent stake held by South Africa's Standard Bank.[9] In 2012 the brokerage firm has been acquired by Russia's biggest bank, Sberbank, for US$1bn and continued operation as a part of its investment banking division.[10]

Troika Laundromat

Also known as ŪkioLeaks,[11] Troika Laundromat was a collection of 70 offshore shell companies whose controllers used them to move billions of dollars of private wealth from Russia to the west. About $4.6bn was paid into the Troika network, and a similar sum was paid out of it. It was operated by staff at an independent arm of the Russian investment bank Troika Dialog, which has now been merged with one of Russia’s two big state-owned banks. The network was like a washing machine: money arrived from many sources. Most transfers were at Lithuania’s Ukio Bank, closed by the authorities in February 2013.[12][13][14][15]

Operations

Capital markets

Equities. The company is active in Russian equity sales and trading. Sberbank CIB's equity desk serves global and domestic institutional investors and hedge funds as well as corporate investors and private individuals. The company makes markets well before the open in Moscow and continues to make prices through the close of New York trading.

Fixed Income. The company is the most active operator on the secondary ruble bond market and a highly active participant in the secondary Eurobond market. The company provides its clients with custody and clearing services for debt instruments, including settlement and clearing facilities DVP Euroclear. The company plays an active role in the Ukrainian and Kazakhstani debt market and provides services for organizing bond issues.

Derivatives and Structured Products. The company, as the founding trading member of the RTS-FORTS index futures, continues to develop its role in the Derivatives market place. The company provides trading liquidity in Russian index futures, index options and stock options that trade in London or Frankfurt. Troika's Structured Products Group is focused on three main areas: issuing platforms with an extensive use of derivatives, hybrid debt instruments with equity participation structures, and securitization.

Treasury. The company Treasury's key line of activity is hedging currency, interest rate and commodity risks faced by clients. Troika also provides corporate clients with short-term funding through REPO. Also, companies may place temporarily available funds through reversed REPO to get additional income.

Research

The company's analysts actively monitor over 300 companies and provide in-depth analysis of 150 of the most important listed Russian, Ukrainian and Kazakh firms. The company's research product range includes equity, fixed income and options coverage through a broad range of publications which include market dailies, strategy and economic monthlies, long term thematic industry pieces and individual company desknotes or reports.

Investment banking

The company provides M&A services, including mergers, sell and buy-side advisory, leveraged buyouts, joint ventures, strategic alliances, and fairness opinions. It provides clients with services including arranging and leading primary bond issues and secondary market trading and in-depth Fixed Income market research. Troika has managed and been involved in the largest and most visible transactions by Western and Russian companies, both blue chip and rapid growth issuers, such as RAO UES of Russia, Russian Railways, AvtoVAZ, KamAZ, Sukhoi Aviation Corporation, Novorossiysk Commercial Sea Port, Power Machines, NOVATEK, URSA Bank, Vozrozhdenie Bank, Vimpelcom, IBS, Pharmacy Chain 36.6, Wimm-Bill-Dann, Nidan, World Class, Fortum, among others.[16]

Asset management

Founded in 1996, Troika Dialog Asset Management (TDAM) is a Russian asset manager. The company offers mutual funds, individual accounts and other financial services to private investors, insurance firms, pension funds and major companies. Troika Dialog Asset Management services a number of state funds: the State Pension Fund of the Russian Federation (within the pension reform), the Deposit Insurance Agency, the Federal Public-State Fund for the Protection of Investors’ and Shareholders’ Rights, and the Cumulative Mortgage Housing Provision System for Servicemen in the Armed Forces.

Personal investments and finance

The company provides customer service to wealthy mass clients, offering a range of products: mutual funds, internet trading, individual brokerage, managed accounts, equity funding and pension savings management. The company is active in the mutual fund market and offers investment-based life insurance. In addition to the company's own client service network, Troika Dialog has developed a network of agent banks.

Alternative investments

Troika Capital Partners (TCP) is an alternative investment business. The group manages over $800M in PE and VC funds on behalf of a diversified group of LPs, including banks, FoFs, insurance companies and family offices. TCP predominantly invests in later-stage development and buyout situations. The primary focus is consumer-driven and technology enabled sectors.

The Russia Forum

Since 2008 Troika Dialog organizes annual three-day forum held in Moscow – “The Russia Forum”. The Forum follows a similar format to that of the Davos meeting of the World Economic Forum (WEF) in bringing together representatives of the international investor's community, Russian political and business leaders, public figures, celebrities and media to discuss Russia's involvement the challenges facing Russia and the global economy

US, EU, Switzerland, and Ukraine sanctions: 2014–2017

After the annexation of the Crimean Peninsula by Russia in 2014, the Obama administration imposed sanctions on 12 September 2014, through the US Department of Treasury's Office of Foreign Assets Control (OFAC) by adding Sberbank and other entities to the Specially Designated Nationals List (SDN).[17][18][19][20][21][22][23][24][25][26] This was done in concert with 31 July 2014 addition of Sberbank to the European Union sanctions list.[27][28] Sanctions consist of access restriction to the EU and US capital markets.[29][30][31]

On 27 August 2014, Switzerland imposed sanctions on Sberbank, its subsidiaries, and other Russian financial institutions.[32]

On 22 December 2015, the United States imposed additional sanctions on Sberbank and its subsidiaries.[33][34][19][20][21][25]

On 17 October 2016, Ukraine imposed sanctions against Sberbank Russia, Sberbank Leasing, and their payment systems Kolibri (Hummingbird), formerly Blitz (Ukrainian: «Колибри» стара назва – «Блиц») and Sberbank subsidiaries.[35][36][37]

On 15 March 2017, the president of Ukraine imposed sanctions on Sberbank and its subsidiaries (and other Russian state-owned banks operating in Ukraine: VTB Bank, BM Bank, Prominvestbank, and VS Bank (Ukrainian: ВіЕс Банк)) as part of its continued sanctions on Russia for its annexation of Crimea and involvement in the War in Donbass.[38][39][40]

Sources

References
  1. Kets de Vries, Manfred (2004). The new Russian business leaders. Edward Elgar. p. 237. ISBN 9781843764991.
  2. "Peter Derby, Managing Executive for Operations and Management, Announces Intention to Leave the SEC". SEC press release. 30 June 2005. Archived from the original on 6 January 2006. Retrieved 23 November 2019.
  3. "Andrei Movchan: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Archived from the original on 2018-02-27. Retrieved 2018-02-26.
  4. "Андрей Мовчан. Приглашенный эксперт программы «Экономическая политика»: Андрей Мовчан — приглашенный эксперт программы «Экономическая политика» Московского Центра Карнеги" [Andrey Movchan. Invited Program Expert "Economic policy":Andrei Movchan is a guest expert at the Economic Policy program at the Carnegie Moscow Center.]. Carnegie Moscow Center (in Russian). Retrieved 23 November 2019.
  5. "Кто есть кто: Скворцов Сергей Викторович" [Who is Who: Sergey Viktorovich Skortsov]. Delovoy (in Russian). Saint Petersburg, Russia. Archived from the original on 28 April 2019. Retrieved 23 November 2019.
  6. "Общая информация / О компании / Руководство: Сергей Скворцов" [General Information/About Company/About Management: Sergey Skortsov]. Тройка Диалог (Troika Dialog) (in Russian). p. 1. Archived from the original on 29 November 2010. Retrieved 23 November 2019.
  7. "Общая информация / О компании / Руководство: Сергей Скворцов" [General Information/About Company/About Management: Sergey Skortsov]. Troika Dialog (in Russian). p. 2. Archived from the original on 29 November 2010. Retrieved 23 November 2019.
  8. Осипов, Антон (Osipov, Anton) (2 April 2013). "Сергей Скворцов присоединился к «Ростеху»" [Sergey Skortsov joins Rostec]. Vedomosti (in Russian). Moscow. Retrieved 23 November 2019.
  9. Golubkova, Katya; Dolan, David (11 March 2011). "Sberbank buys Troika for $1 bln in dealmaking drive". Reuters. Retrieved 5 July 2012.
  10. "Sberbank completes Troika Dialog acquisition". Invest IQ. 2012-02-09. Archived from the original on 2012-04-23. Retrieved 2012-04-18.
  11. Černiauskas, Šarūnas (4 March 2019). "Ūkio bankas – milijardinės pinigų plovimo sistemos centre" [Ūkio bankas is at the center of the billion-dollar money laundering system]. 15min (in Lithuanian). Retrieved 23 November 2019.
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  13. "The Troika Laundromat". OCCRP. Retrieved 23 November 2019.
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  18. "Ukraine-related Sanctions: OFAC has implemented the following Ukraine-related Sanctions". US Department of the Treasury. 12 September 2014. Retrieved 10 February 2018.
  19. "Executive Order - Blocking Property of Additional Persons Contributing to the Situation in Ukraine". The White House - Office of the Press Secretary. Retrieved 10 February 2018.
  20. "Ukraine-related Designations". www.treasury.gov. Retrieved 6 April 2018.
  21. "Specially Designated Nationals And Blocked Persons List (SDN) Human Readable Lists". www.treasury.gov. Retrieved 6 April 2018.
  22. "Ukraine conflict: US and EU widen sanctions on Russia". BBC. 30 July 2014. Retrieved 10 February 2018.
  23. President of The United States (10 March 2014). "Ukraine EO13660" (PDF). Federal Register. Retrieved 10 February 2018.
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  29. "US Slams Russia With Punishing New Sanctions". Business Insider. 12 September 2014. Retrieved 10 November 2015.
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  33. "Treasury Sanctions Individuals and Entities for Sanctions Evasion and Other Activities Related to Russia and Ukraine: Underscores U.S. Commitment To Work with the EU To Maintain The Efficacy of Existing Sanctions Until Russia Fully Complies With Its International Obligations With Respect To Ukraine". US Department of the Treasury. 22 December 2015. Retrieved 10 February 2018.
  34. "Russia/Ukraine-related Sanctions and Identifications: Specially Designated Nationals List Update". US Department of the Treasury. 22 December 2015. Retrieved 10 February 2018.
  35. Украина запретила деятельность «Золотой Короны» и других платежных систем из РФ: Украина расширила санкции в отношении РФ, ограничив, среди прочего, деятельность ряда российских платежных систем. Соответствующее решение закреплено указом президента Украины № 467/2016, текст которого и соответствующие санкционные списки размещены на сайте главы государства [Ukraine banned the activities of the "Golden Crown" and other payment systems from the Russian Federation: Ukraine has extended sanctions against the Russian Federation, limiting, among other things, the activities of a number of Russian payment systems. The corresponding decision is fixed by the decree of the President of Ukraine No. 467/2016, the text of which and corresponding sanctions lists are posted on the website of the head of state]. mail.ru (in Russian). Interfax.ru. 18 October 2016. Retrieved 27 February 2018.
  36. Пороше́нко, Петро́ Олексі́йович (17 October 2016). УКАЗ ПРЕЗИДЕНТА УКРАЇНИ №467/2016: Про рішення Ради національної безпеки і оборони України від 16 вересня 2016 року "Про застосування персональних спеціальних економічних та інших обмежувальних заходів (санкцій)" [DECREE OF THE PRESIDENT OF UKRAINE No. 467/2016: On the decision of the National Security and Defense Council of Ukraine dated 16 September 2016 "On the application of personal special economic and other restrictive measures (sanctions)"]. President of Ukraine website (in Ukrainian). Retrieved 27 February 2018.
  37. Пороше́нко, Петро́ Олексі́йович (17 October 2016). Додаток 4 до рішення Ради національної безпеки і оборони України від 16 вересня 2016 року «Про застосування персональних спеціальних економічних та інших обмежувальних заходів (санкцій)» ЮРИДИЧНІ ОСОБИ, до яких застосовуються обмежувальні заходи (санкції) [Annex 4 to the decision of the National Security and Defense Council of Ukraine from 16 September 2016 "On the Application of Personal special economic and other restrictive measures (sanctions)": ENTITIES, to which restrictive measures (sanctions) apply] (PDF) (in Ukrainian). pp. 63–4 (#155 Sberbank Russia), 69–70 (#167 Sberbank Leasing). Retrieved 27 February 2018.
  38. Ukraine blocks sale of subsidiaries of Russia's Sberbank, VEB – media, UNIAN (29 July 2017)
  39. Пороше́нко, Петро́ Олексі́йович (15 March 2017). УКАЗ ПРЕЗИДЕНТА УКРАЇНИ №63/2017: Про рішення Ради національної безпеки і оборони України від 15 березня 2017 року ’'Про застосування персональних спеціальних економічних та інших обмежувальних заходів (санкцій)" [DECREE OF THE PRESIDENT OF UKRAINE No. 63/2017: On the decision of the Council of National Security and Defense of Ukraine dated 15 March 2017 "On the Application of Personal Special Economic and Other Restrictive Measures (Sanctions)"]. President of Ukraine website (in Ukrainian). Retrieved 28 February 2018.
  40. Пороше́нко, Петро́ Олексі́йович (16 March 2017). Глава держави затвердив санкції щодо низки російських банків [The head of state has approved sanctions against a number of Russian banks]. President of Ukraine website (in Ukrainian). Retrieved 28 February 2018.

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