Austrian Uniqa intends to sell 75% of Raiffeisen Life to Russian insurer Renaissance Life, Forbes writes, citing the company’s financial statements for the first half of the year.
Raiffeisenbank also participates in the transaction, the organization owns the remaining 25% of the insurer.
The sale is the last logical step in this “legally complex situation,” explained Wolfgang Kindl, Uniqa’s board member for international accounts and markets.
“This means that we are leaving Russia,” he concluded.
According to a company representative, the Russian business contributes less than 1% of the income of the entire group.
The deal still needs to be approved by Russian regulators and the parties have agreed not to disclose its amount.
Raiffeisen Bank International (RBI) announced in the spring its intention to sell the Russian business. The option of removing Raiffeisenbank from the group’s perimeter was also considered.
Later, in May, the RBI announced the suspension of the accounts of the correspondent banks of the Russian Federation, with the exception of the Russian “daughter”.
Sources told Reuters that the RBI is not ruling out transferring the Russian division to its own shareholders.
Author:
Natalia Gormaleva
Source: RB
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