Vienna Insurance Group sells Russian interests
- Leigh Jackson
- 30 Mar 2011
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Vienna Insurance Group has sold its minority interests in Russian insurers MSK Life, SG MSK and So Vita.
VIG entered the Russian market in 2005 after acquiring a 25% share of the life insurer MSK-Life, which it had then founded together with the Bank of Moscow. The group also held a 5% stake in SG MSK and 15% stake in So Vita. All of the stakes were sold to its partners.
VIG said in a statement: "As the Group holds only minor stakes, it seemed appropriate to accept the purchase offer. The parties to the transaction agreed not to disclose the purchase price."
The transaction is expected to be concluded by the end of May 2011.
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