RUSSIA: VTB and SOGAZ merger to be complete in October

According to the Head of VTB, Andrey KOSTIN, the merger of insurance businesses VTB and SOGAZ may be completed in October this year. As KOSTIN said, the parties already agreed on all issues in the merger.

VTB is planning to sell 100% of VTB Insurance to SOGAZ group. The new merged company will work under SOGAZ brand and will be the biggest player on the Russian insurance market in its history. VTB will get a 10% share of the merged company. The VTB Group is selling all its insurance branches: the merger also includes the subsidiaries VTB Life insurance and VTB Health Insurance. The subsidiaries will be merged with the appropriate SOGAZ health and life insurers, claimed ASN portal.

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