Troika Dialog, the Russian investment bank, hopes to deploy a $200m cash injection from South Africa’s Standard Bank to bolster its position in the Russian market, Ruben Vardanyan, Troika’s main owner, said.

“There is great potential for further development and big opportunities in the consolidation of the [Russian] banking industry,” he said. “When your competitors have become weaker and there are less of them, you need additional resources to fund aggressive development.”