Standard Bank has announced that it is continuing to diversify its global footprint with the acquisition of a 33% stake in Russia’s largest independent investment bank, Troika Dialog Group.

The move, which underlines the health of Africa’s banking sector at a time when the global banking system seemingly teeters on the brink of collapse, builds on Standard Bank’s growing presence outside the key African market.

Standard Bank has been involved in Russia since the mid-90s through its London office, but its presence in the country was solidified in 2003 when it established ZAO Standard Bank after acquiring a general banking licence.

The deal sees Standard Bank make a US$200 million convertible loan to Troika, which combined with the acquisition by Standard Bank’s Russian operation ZAO, will be turned into a 33% equity stake in the merged group.

“The combined operation will have a capital base in excess of US$850 million and will be strongly positioned to compete in the Russian financial services sector and to pursue banking consolidation opportunities in Russia,” said Standard Bank.