OREANDA-NEWS. October 31, 2012. Ingosstrakh Insurance Company announces take-over of 50% plus 1 voting shares of Bank Soyuz, OJSC. After the purchase, Ingosstrakh Insurance Company will own almost 100% of the bank’s shares.

In the course of the open auction declared by the Deposit Insurance Agency, Ingosstrakh Insurance Company established absolute control over Bank Soyuz. Corporate expenses for consolidation of the entire stock of shares reach RUB 2,815 bn.

Control institution over the bank will allow the insurer reducing costs for realization of its native services, push up sales of insurance policies, increase customer service quality, which includes creation of integrated and complex products and programs. Today, Bank Soyuz retail chain consists of 11 points of sale in Moscow and 40 offices on the territory of Russia, thus providing Ingosstrakh Insurance Company with the opportunity to use promotion and sales of the both companies’ services with the maximal efficiency, and improve quality of customer services.

Oleg Vikhansky, Chair of the Board of Directors of Ingosstrakh Insurance Company, pointed out that ‘The purchase of Bank Soyuz by Ingosstrakh Insurance Company marks the closure of construction and diversification process of our native business in accordance with the worldwide practice, when a business provides for availability of an insurer, bank, investment company, and other financial assets within the financial group structure. In the long-term perspective, acquisition of this asset will help increase capitalization of Ingosstrakh Insurance Company’.

Bank Soyuz, OJSC (www.banksoyuz.ru) is a universal commercial bank. It provides a wide range of services for individuals and legal entities: deposits, credit cards servicing, and exchange transactions. The bank offers credit services for property acquisition to corporate customers and mortgage loans to individuals. According to the rating of the Profile magazine, in 2012, the bank is ranked 33d in the list of ‘100 most reliable major Russian banks.’

Ingosstrakh Insurance Company (www.ingos.ru) has been working on international and local markets since 1947. The company is a national leader by the total amount of insurance premium in voluntary insurance sector (other than life insurance).

Ingosstrakh Insurance Company is authorized to render all types of insurance services (in acc. with insurance company specialization) specified in cl. 32.9 of the Insurance Law of the Russian Federation, as well as reinsurance Services. The company is present in 310 cities, towns, and settlements of the RF. Branches and subsidiaries of the insurer work in foreign countries and in former USSR countries.