Alfa Insurance says ownership restructuring, not sale in pipeline

MOSCOW, May 4 (PRIME) -- Parent holding company of Russia's Alfa Insurance ABH Holdings will not sell the firm, but ownership will be restructured, a spokesperson told PRIME on Thursday denying a media report.

"The current situation demands that foreign companies having assets in the Russian jurisdiction redomicile them… However, in the Alfa Insurance case, there are no third party buyers. This is restructuring of ownership, rather than a sale," the spokesperson said.

BBC reported earlier citing ABH Holdings board of directors member Andrew Baxter that the holding company would sell Alfa-Bank, Alfa Insurance and some other assets in Russia.

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