In a bold move Standard Bank Group of South Africa agreed to buy 33 percent of Troika Dialog for USD 200m (1x book value). Troika is Russia's oldest investment bank. It is highly respected in Russia and will make it look more like its competitor Renaissance Capital who are diversifying into Africa (the other way around). The deal will increase Troika’s capital base to more than $850 million, making it a formidable competitor to Renaissance. The financing of the deal were adjusted to fit in with South Africa's foreign exchange rules.