Russia's top lender Sberbank will buy major investment company Troika Dialog in a bid to develop its investment business, a source familiar with the situation said on Monday.
"At the expert level, a decision [on the purchase] has been made," the source told RIA Novosti. "Now preparations are underway to have it approved by the bank's management board."
Sberbank has long been seeking to diversify its business away from traditional lending and depository operations.
In December, Sberbank Chief Executive German Gref said the central bank would launch its investment business in the first quarter of 2011 by either buying a company or setting up an investment unit on its own.
Troika Dialog's core shareholders are South African Standard Bank, which owns 36.4 percent and a partnership of the company's 130 employees. Among them is Ruben Vardanyan, Troika Dialog chief executive, who is reported to hold the bulk of the company's shares.
MOSCOW, January 24 (RIA Novosti)
