Russian state-run lender VTB has offered its coverage business to Sogaz, which will become the most important insurance organization in Russia by way of a significant distance, the corporation stated on Friday.
The merged business enterprise, which will function beneath Sogaz's brand, may have Rbs550bn ($8.9bn) under management. VTB chief executive Andrei Kostin stated the deal was worth "tens" of billions of rubles, however declined to name the precise quantity.
The deal will end in the third quarter of this year and help VTB consciousness on its center banking enterprise, Mr Kostin added.
Sogaz's financial might help it secure a dominant function on the in any other case suffering Russian insurance market. Rosgosstrakh, its major rival, published record losses of Rbs55bn remaining 12 months, which in part precipitated its determine enterprise, Otkritie bank, to require an important bank bailout.
No comments:
Post a Comment