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Report: Otkritie ups stake in insurance unit Rosgosstrakh

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Report: Otkritie ups stake in insurance unit Rosgosstrakh

Russia-based Otkritie Financial Corp. Bank increased its combined direct and indirect holding in Rosgosstrakh Insurance Company (Public Joint Stock Company) to 99.64% from 92.52%, news agency Prime reported Dec. 31.

The direct stake held by Otkritie Bank in Rosgosstrakh went up from 32.28% to 50.12%, while the indirect holding was reduced to 49.52% from 60.24%.

Otkritie took control of Rosgosstrakh in 2017, and both companies were bailed out by the Russian central bank later that year.