24 May 2018 09:13

Merged Sogaz-VTB Insurance to operate under Sogaz brand

ST. PETERSBURG. May 24 (Interfax) - The new merged insurance company that will be created after VTB Group sells its insurance business will operate under the Sogaz brand, VTB head Andrei Kostin told reporters.

"Sogaz will remain," Kostin said when asked about what brand the new company will operate under after the merger of Sogaz and VTB Insurance.

Speaking at VTB's annual general meeting earlier on Wednesday, Kostin said that on Friday the group will announce plans to merge the two insurers.

"We're getting a stake, we're getting cash, we're getting a profit on this deal, and the two staffs will merge and work as one staff," Kostin told reporters, without commenting on the price of the deal.

Reports about a possible merger of the two insurers emerged at the end of 2017. An Interfax source said negotiations on a possible deal have been underway since last summer.

At the beginning of 2018, Kostin confirmed in an interview with Reuters that VTB was considering the possibility of a merger between the insurance companies, and in mid-May he announced an agreement to sell VTB Insurance.