By Andrei Skvarsky.
Sberbank has announced it is buying a Russian unit of Europe’s largest insurance company, Allianz.
Sberbank’s 100% takeover of Allianz Life is to be finished before the year end, according to a statement from Russia’s biggest lender.
It has not been disclosed how much Sberbank is paying for Allianz Life, which is not among Russia’s top 100 retail insurance companies.
Allianz’s chief unit in Russia is ROSNO, one of the country’s main insurers.
Sberbank is in acquisition mode this year after buying Troika Dialog and Austria’s VBI and with plans afoot to take over a Turkish brokerage.
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