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Report: Otkritie pension fund cuts stake in sister unit Rosgosstrakh

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Report: Otkritie pension fund cuts stake in sister unit Rosgosstrakh

Russian nonstate pension fund NPF Otkritie sold 11.7% shares of Rosgosstrakh Insurance Co. PJSC in several transactions via the Moscow Exchange at the end of 2018, reducing its stake in the company to 9.9%, Kommersant reported.

The shares, sold at a price of around 8 billion Russian rubles, were most likely acquired by National Bank Trust PJSC or Otkritie Financial Corp. Bank, the parent company of NPF Otkritie, the newspaper said Jan. 14.

All four companies are directly or indirectly controlled by the Russian central bank, following their bailout in 2017. Analysts cited by the newspaper believe the transactions were part of financial assistance provided to NPF Otkritie by its state-controlled parent. The value of financial aid provided to the pension fund, including the latest transactions, currently amounts to around 150 billion rubles, Kommersant noted.

As of Jan. 14, US$1 was equivalent to 66.95 Russian rubles.