Russia. FAS allows VTB Bank to buy 100% of Stolichnaya Insurance Group
2011-06-21 15:06:56
The Federal Anti-Trust Service (FAS) has satisfied a request submitted by VTB Bank seeking to acquire 100% of the voting shares of Stolichnaya Insurance Group (SIG, its core activity is securities management), Prime-TASS reports citing FAS.
At present, VTB Bank holds a 25% + 1 share equity stake in SIG, and taking into account the equity position held by the Bank of Moscow, the block of shares equals 50%-1 share. The equity stake of the same size is in the hands of the companies affiliated with former Bank of Moscow CEO Andrey Borodin. After VTB Bank entered SIG’s capital two shares from the Bank of Moscow stake was sold to an unknown buyer, which deprived VTB Bank of control.
Stolichnaya Insurance Group manages a holding that consists of the companies controlled by MSK Insurance Group (Spasskiye Vorota joined the group at the beginning of 2011), Moscow Re-insurance Society, MSK-Life and Medical Insurance Company Solidarnost dlya zhizni.
Today SIG officially announced management shakeup at SIG and MSK Insurance Group. VTB Bank representatives were appointed to the executive positions at the company.
As SIG and MSK Insurance Company reported earlier, both companies will hold annual general meetings on June 30, and will elect new boards.