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Report: VTB abandons plans to sell insurance unit to Scogaz

Negotiations to sell JSC VTB Bank's insurance unit to Russian insurer JSC SOGAZ were not successful and the sale of the unit is currently not considered, Vedomosti reported Feb. 26, citing VTB CFO Herbert Moos.

He was also cited as saying that VTB's insurance business will be developed for the time being as "an organic part" of the group. VTB Bank's representative told Vedomosti that the sale of the group's insurance business could be considered in the future.

Russian media outlets reported at the beginning of January that Sogaz and VTB Insurance Ltd. could merge. VTB Bank CEO Andrey Kostin confirmed later that month that merger negotiations were taking place, but he added that there was no final decision at the time about the merger.