Sberbank and Troika Dialog have completed their merger, creating the largest universal banking institution in Russia.

State owned Sberbank is Russia’s largest bank, and Troika, which was founded in 1991, is among Russia’s first investment companies. It offers private wealth, asset management and alternative investment among other services.

As part of the integration, a new wealth management unit will be created, which will sell investment products to private clients, including asset management and private banking. Ruben Vardanian, Troika’s chief executive, will head wealth management, and Be...