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VTB plans to close deal on selling its insurance business to Sogaz by end of year

September 07, 5:55 UTC+3 MOSCOW

"In September, all legal documents will be signed, all procedures will be carried out," VTB head Andrei Kostin said

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VTB head Andrei Kostin

VTB head Andrei Kostin

© Stanislav Krasilnikov/TASS

MOSCOW, September 7. /TASS/. Russia’s VTB Group plans to finalize by the end of the year the deal to sell its 100% stake in VTB Insurance to the Sogaz insurance group, VTB head Andrei Kostin told reporters.

"In September, all legal documents will be signed, all procedures will be carried out. I think we plan to close the deal by the end of the year," he said.

Kostin added that although Russia’s Federal Antimonopoly Service (FAS) is yet to approve the deal, an unofficial preliminary approval has already been received. "I repeat, this is unofficial, but we see no problems here," he added.

According to the deal signed by the parties at the St. Petersburg International Economic Forum (SPIEF-2018) in May, Russia’s VTB Group will sell a 100% stake in VTB Insurance to Sogaz insurance group to create the country’s largest insurer.

The integrated company will operate under the brand name of Sogaz and will become the biggest player on the domestic insurance market in its entire history: the insurance premiums of Sogaz’s insurance business and VTB Group totaled about 280 billion rubles ($4.5 billion) and their aggregate assets amounted to 550 billion rubles ($8.9 billion) in 2017.

VTB will get a 10% stake in the integrated company and also several dozen billion rubles in profits, VTB Bank CEO Andrei Kostin said at the ceremony of signing the deal.

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