MOSCOW, June 25 (RIA Novosti) - Russia's state-controlled foreign trade bank Vneshtorgbank (VTB) said it plans to gain full ownership of its joint venture with Rosno, by acquiring the insurance company's 50% plus one share by July 1.
VTB Deputy Chairman Igor Zavyalov said that after buying out the stake, the bank would rename the subsidiary VTB Insurance.
Zavyalov said VTB Insurance would probably function independently, without a strategic investor. "We currently have enough offices for independent operations," he said.
VTB and Rosno established the VTB-Rosno joint venture with authorized capital of 435.5 million rubles (over $16 million) last summer. The insurance company provides corporate and retail insurance services, and acts as an underwriter for VTB projects.
The government holds a 77.47% stake in VTB. Rosno is one of the country's largest insurance companies, majority owned by AFK Sistema (49.2%) and German insurer Allianz AG (47.4%).
