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Report: Russia's Safmar Group to consolidate non-banking assets

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Report: Russia's Safmar Group to consolidate non-banking assets

SafmarGroup wants to turn its leasing company PJSC Europlan into a financial holding that will bringtogether the group's pension, insurance and leasing businesses, RBK reported Oct.5, citing the group's shareholder Mikail Shishkhanov.

Inaddition to Europlan, the group controls nonstate pension fund Safmar and has a45% stake in insurerVSK, with an option to purchase a further 4%.

Theplanned consolidation of Safmar's assets would create a publicly traded companywith a market capitalization of more than 60 billion Russian rubles, accordingto the news report. The plans will not include , Shishkhanov noted.

Thebusinessman was also cited as saying that Europlan could carry out a secondarypublic offering on the Moscow stock exchange before the end of 2016 to raisecapital. He reportedly noted, however, that Safmar would remain Europlan'smajority shareholder even after the additional share placement.

As of Oct. 5, US$1 wasequivalent to 62.47 Russian rubles.