PRESS: Russia’s Rosgosstrakh, Otkritie consider merger – source

MOSCOW, Dec 19 (PRIME) -- Russian financial group Otkritie and insurance company Rosgosstrakh are considering a merger, which may result in creation of the largest private financial company in the country with assets amounting to 4–5 trillion rubles, business daily Vedomosti reported on Monday, citing sources with knowledge of the situation.

According to the sources, owner of Rosgosstrakh Danil Khachaturov met with co-owner of holding Otkritie Vadim Belyayev, First Deputy CEO of VTB Yury Solovyov and Chairwoman of the central bank Elvira Nabiullina earlier in December. The sides presented a merger plan to Nabiullina.

Under the plan, Rosgosstrakh and RGS Bank which it controls can be incorporate into Otkritie. The merger process will take the entire 2017. The pension business of Rosgosstrakh will not enter the scope of the deal.

Khachaturov is planned to become a minority shareholder of holding Otkritie. The team of Otkritie is planned to run the banking, investment and brokerage business of the merged company, while Rosgosstrakh will run the insurance business.

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