TCS to acquire insurer Moskva in the fall - source
MOSCOW. June 19 (Interfax) - TCS Bank will acquire insurance company Moskva, with the deal set to be completed in the fall of 2013, a source familiar with the deal told Interfax.
TCS Bank's marketing vice president Oleg Anisimov confirmed the information. "The deal is currently being cleared with regulators," Anisimov told Interfax. Financial details are not being disclosed, he said.
The insurer will initially work with TCS Bank clients, offering mainly insurance to those traveling abroad and property insurance. Later one it will offer auto insurance, including mandatory liability insurance (OSAGO), to bank customers and the general public.
Moskva is part of the AlfaStrakhovanie insurance group and at one time was a captive company of the airline Aeroflot .
Oleg Tinkov, the bank's majority owner, said in early June that TCS may buy an insurance company in June, but he did not disclose its name. He did say it could be a large Moscow insurer.
Tinkov said the acquisition was "not an easy task," which required much discussion. "We will launch it by the end of the year. It is a complex project," he said. Some products may be offered in the fall. "But by and large we will be launching in December-January," he said.
TCS Bank was ranked number 63 by asset value in the Interfax-100 review of Russia's banks for the first quarter of 2013. Tinkov, the founder of the bank, owns 61% of shares.