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Report: Otkritie Financial Corp. Bank ups holding in insurer Rosgosstrakh

Otkritie Financial Corp. Bank increased its holding in PAO Rosgosstrakh to 19.8% from 4.4%, news agency RBK said March 31.

Otkritie's representative said the increase is the result of a repo deal between the companies, while another source close to both firms noted that financing obtained by capital-strapped Rosgosstrakh as part of the transaction will help it raise the funds needed to finance its operations and development, according to the report. The deal is reportedly part of the preparations for a merger between Rosgosstrakh and Otkritie Holding JSC.

Russian media outlets reported in December 2016 that the owners of the two companies had been discussing a potential transaction that would involve merging Rosgosstrakh and PJSC Rosgosstrakh Bank into Otkritie Holding. The merger would create the largest private financial group in Russia, with assets exceeding 4 trillion Russian rubles and 50 million customers, the news report said.

As of March 31, US$1 was equivalent to 56.35 Russian rubles.