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Russian lender offloads holding in local insurer

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Russian lender offloads holding in local insurer

said March 29 that it divested a 16.09% stake in insurance company Adonis,which like the bank is based in the Russian city of Perm.

Furtherinformation on the transaction was not disclosed.

Kommersant reported March 22 that thebank intended to offload its stake in the insurer because of regulatory changesintroduced by the Russian central bank. After the transaction, the insurerwould remain in the Perm Industrial and Financial Group, which also controlsthe lender, the report noted.