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Reports: Russian insurer Reso Garantia eyes April IPO

Russian insurance company OAO Reso Garantia plans to carry out an initial public offering in April and has selected organizers for the offering, Reuters reported March 16, citing two sources from the banking sector.

The Russian insurer has reportedly hired Bank of America Merrill Lynch, Citi, VTB Capital, Sberbank CIB, Renaissance Capital, Deutsche Bank and Société Générale to organize the IPO. One of the newswire's sources said the offering will be significant in size, but did not disclose any specific figures.

French insurer Axa, which owns a 36.7% stake in Reso Garantia, plans to sell some of its stake during the planned IPO, but will keep a blocking holding in the insurer, Vedomosti said March 19, citing market sources.

Reso Garantia's deputy head, Igor Ivanov, told Vedomosti through the company's press office that no decision has been made as yet regarding the timing, organizers or even the IPO itself.