Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Sberbank Rossii PAO    SBER   RU0009029540

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 PAO
12:22p SBERBANK ROSSII PAO : announces the signing of a transaction for the sale of a b..
02/05 SBERBANK ROSSII PAO : DGAP-News: Sberbank: Sberbank announces the signing of a t..
02/05 SBERBANK ROSSII PAO : DGAP-Regulatory: Sberbank: Sberbank announces the signing ..
02/05 SBERBANK ROSSII PAO : opens financing for the construction of pipe production pl..
02/05 SBERBANK ROSSII PAO : releases Financial Highlights for 1M 2016 (under RAS; non-..
02/05 SBERBANK ROSSII PAO : DGAP-News: Sberbank: Sberbank releases Financial Highlight..
02/05 SBERBANK ROSSII PAO : DGAP-Regulatory: Sberbank: Sberbank releases Financial Hig..
02/02 SBERBANK ROSSII PAO : AHML Group and Sberbank CIB hold joint meeting on 'Stimulu..
01/28 SBERBANK ROSSII PAO : active bank card portfolio reached nearly 118m in 2015
01/26 SBERBANK ROSSII PAO : First deal signed to finance a small business client insur..
Advertisement
Income Statement Evolution
More Financials