Member access

4-Traders Homepage  >  Shares  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Sberbank Rossii OAO    SBER   RU0009029540

SBERBANK ROSSII OAO (SBER)

17
SummaryNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Sberbank Rossii OAO : Sberbank of Russia acquires 100% of OOO “Insurance Company Allianz Life”

10/17/2011 | 11:35am US/Eastern
Sberbank of Russia acquires 100% of OOO “Insurance Company Allianz Life”

17.10.11

October 17, 2011, Moscow – Sberbank of Russia (“Sberbank”), the insurance company Allianz Life (“Allianz Life”) and ZAO “Insurance Shareholder Company “Allianz””  (“ISC “Allianz””) – signed the Key terms of the acquisition of OOO “Insurance Company Allianz Life” (“IC Allianz  Life”). The transaction involves acquisition of 100% of share capital in IC Allianz Life. The current shareholder of the Company is ISC “Allianz”.

The parties agreed to close the transaction before the end of 2011. The price of the transaction is not disclosed.

“The key goal of the acquired Company will be the development of the savings and investment insurance market in Russia, – said the Senior Vice-President of Sberbank Denis Bugrov. – This is a difficult task that would require maximum effort primarily in establishing trust for the market of life insurance.”

Sberbank analyzed the rationale of entering the market of retail insurance during 2011. The Bank made its choice considering the significant potential of the life insurance market. According to industry experts, the savings life insurance market is estimated at 500-1000 bln RUB in terms of insurance collections.

IC Allianz Life does not have a sizable client portfolio and does not make Top-100 insurers in Russia in retail insurance. The development of the Company’s business has not been the priority of its original parent company Allianz Group as the latter focused on growing the business of Allianz ROSNO Life in Russia.

React to this article
Latest news on SBERBANK ROSSII OAO
4d ago KAZKOMMERTSBANK AO : Several Kazakh banks cease issuing mortgage loans in tenge
4d ago SBERBANK ROSSII : sums up the results of the contest ‘Best Exchange Trader..
4d ago SBERBANK ROSSII : Bank of Russia: Sberbank’s Non-Government Pension Fund m..
4d ago Russia says currency crisis over, but inflation set to soar
4d ago SBERBANK ROSSII : raises interest rates on deposits and savings certificates for..
4d ago SBERBANK ROSSII : sums up Retail Block results for 2014
5d ago SBERBANK ROSSII : Russia's Sberbank not to receive additional capital in draft l..
5d ago SBERBANK ROSSII : Russia's largest bank won't impose currency controls
5d ago SBERBANK ROSSII : sums up the work of the ‘Strategy & Leadership’ cl..
6d ago SBERBANK ROSSII : Russians' Race for Foreign Currency Empties Bank Tills
Advertisement
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF