The slogan near Russian Standard Bank reads: "Bank 24 hours."
Photo: Pavel Solov
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Russian Standard Dropped a French Partner
Russia’s second insurer in terms of life insurance, Russian Standard Insurance Co., has lost a foreign partner. French Cardif (BNP Paribas) sold 25 percent in it to the principal holder, Russian Standard Group. The analysts evaluate the deal at $10 million to $20 million, explaining that the insurer of this kind could be of interest only to the bank of the same name. All business of the company is based on insuring borrowers of Russian Standard Bank.
The holders of Russian Standard Insurance – Russian Standard Invest and Cardif – have reached an agreement to terminate the joint insurance project in Russia, said Preston Mendenhall, who is the foreign relations director at Russian Standard Group.
In the next move, Russian Standard Group has bought out Cardif’s 25 percent in the insurer, having extended the ownership to 100 percent. The deal was completed late past week, and its budget hasn’t been officially disclosed.
Russian Standard Insurance was established in 2003. According to Russia’s insurance watchdog, Rosstrakhnadzor, it was the country’s second in terms of the life insurance charges at close of the first quarter of this year, once it posted the amount of 2.2 billion rubles. But when it comes to the overall charges, the company didn’t climb above the 40th position by the H1 results, as the respective amount didn’t exceed 2.3 billion rubles. The business of Russian Standard Insurance is to insure borrowers of Russian Standard Bank, which portfolio of no-deposit credits stood at 161.9 billion rubles as of July 1, 2007.
www.kommersant.com
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