The confusion in RESO-Garantia could be blamed on $700 million that the insurer borrowed from Dresdner Bank on security of its stocks.
Photo: Grigory Tambulov
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RESO-Garantia Crossed Out the Deal Possibility
Federal Antimonopoly Service stirred up agitation on financial market of Russia yesterday once it sanctioned Dresdner Bank AG to buy out a stake in RESO-Garantia insurer. Today’s concern of the traders is whether the assets of Allianz Group will be consolidated in Russia.
Russia’s news agencies reported yesterday afternoon that Federal Antimonopoly Service sanctioned Dresdner Bank AG to buy out 50 percent plus a stock in RESO-Garantia. According to the probe of antimonopoly authority, the insurers close to Dresdner Bank AG simultaneously render insurance services in 66 regions of Russia. ROSNO and RESO-Garantia are amid those insurers. Dresdner Bank is a member of Allianz Group that owns 97 percent in ROSNO.
RESO-Garantia refused to comment on the deal, EBRD that owns 10 percent in insurer declined to comment either. Dresdner Bank said they need time to clarify the situation.
Meanwhile, the insurance market of Russia is abuzz. The issues of greatest interest are why RESO-Garantia refused to hold the IPO slated for this year and whether Allianz will consolidate its Russia’s assets. RESO-Garantia, however, officially refuted the deal on the same day. The confusion could be blamed on $700 million that the insurer borrowed from Dresdner Bank on security of its stocks.
www.kommersant.com
All the Article in Russian as of Aug. 15, 2007
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