Over the past year, Rosgosstrakh has lost more than a third of its revenues on insurance market. Now it is being absorbed by the Otkritie group, which can milk the former asset of the oligarch Danil Khachaturov dry.
Immediately, market participants again started talking about the merger of Rosgosstrakh with Otkritie Bank, which has been talked about for more than a year and a half. Moreover, Otkritie immediately became more active and again began to actively wake up the topic with Rosgosstrakh. As the media have repeatedly written and experts have said, in the event of a merger of the two companies, this will be the largest deal on the Russian insurance market. The assets of the state insurance company are a tasty morsel for any firm, and for Otkritie in the first place.
After all, the concept of "merging" in this situation is purely conditional. In fact, a more applicable definition is a "takeover" by a bank of an insurance firm. What he has been trying to achieve for a long time and stubbornly. Rosgosstrakh for a long time and persistently. Because it is a very tasty morsel for any business. The owner of Otkritie, Vadim Belyaev, talks about the desire to take over the insurance company, like a sip fresh air. And in the situation with his credit institution, this is indeed the case. Things are not going so well in the "Discovery". It would seem that higher interest rates on customer deposits for some reason do not attract much. But if you get Rosgosstrakh with its huge resources, then the total asset of the two structures will exceed 4 trillion rubles! Well, how can you not break such a jackpot!
At the same time, most likely, the most “delicious” asset of Rosgosstrakh, the RGS pension fund, will also go to the bank. It will be, indeed, just a royal addition to the bank. After all, the clientele of the NFP entrusted him with neither more nor less than almost 165 billion rubles. True, market participants cannot imagine how effectively, and, most importantly, honestly and legally, Vadim Belyaev's bank will dispose of the asset. And evil tongues say that the pension fund will become the object of an unspoken deal between Belyaev and the head of Rosgosstrakh, Daniil Khachaturov.
But no one can even imagine what will happen to the clients of the pension fund after such a deal. As practice shows, Otkritie does not treat them very carefully. By the way, such a topic as the transfer to the bank of the structure of Rosgosstrakh "RGS-real estate", which keeps on the balance sheet almost 300 offices of the insurer, in which its branches are located, is also being considered. There, too, the total cost is quite decent - almost 30 billion rubles. Apparently, Belyaev should not neglect such money either.
Financial policy of "Discovery"
The policy of Otkritie Bank is called by all experts only aggressive. Thus, the bank entered the top ten in the country in terms of its lending rates. They turned out to be higher than even those of such financial monsters as Alfa-Bank. If the latter offered 8 percent per annum, then Belyaev announced almost 9 percent. In this situation, even Sberbank nervously smokes in the corner with its unfortunate 7%. These "enticements", according to experts, "Discovery" and attracts customers. Only here is how the bank manages to fulfill its more than generous promises on payments. Financiers give one answer - this is done by attracting money from new investors. Doesn't this remind you of anything? It reminds me of a banal financial pyramid scheme. Which, as you know, ends sooner or later and leads to the collapse of both the bank itself and its clientele. The latest example is the Khanty-Mansiysk branch of Otkritie. Behind last year its income fell by more than 20 times, bringing the bank a loss of 21 billion rubles.
The net profit of the head bank of the group, FC Otkritie, fell more than six times over the same year, to 2.3 billion rubles. The first 9 months of 2016 followed this trend. The net profit of the entire banking group over this period decreased by 1.7 times, to 3.605 billion rubles. Banking menu financial institutions countries? It's simple, the bank is fed by the absorption of other banks. In 2012, Belyaev's Otkritie actually absorbed Nomos-Bank. And this despite the fact that Bank Otkritie, which accounts for about 70% of the assets of FC Otkritie, clearly has lower profitability and efficiency than Nomos Bank
Moreover, a "pyramid" banking structure called Otkritie with 240 billion assets managed to get a bank with assets of 640 billion rubles.
The history of the Trust bank, which fell under the reorganization of Otkritie after a short “recovery” of Trust, is also memorable. Belyaev demanded almost 50 billion rubles from the state to plug financial “holes”. Only whose, and remains a mystery. "Trust" in the end never got out of the financial peak, and the allocated money, apparently, plugged the "holes" of the "Discovery" itself. The same thing happened with the Petrocommerce bank, taken over by Vadim Belyaev.
In 2012, Petrocommerce Bank issued a loan of more than 2.5 billion rubles to Zlatoust Metallurgical Plant. The money was transferred to ZMZ, on the same day it was transferred to the Metallurg Trust company of the Mechel group. Then the round sum went straight to an offshore company called "Masterking Trading Limited", associated with the bank, and from there - again to "Petrocommerce". As a result of the implementation of such a fraudulent scheme, the money actually did not leave Petrocommerce, but the plant received a huge financial gap, which in many ways led it to bankruptcy.
What is the result of this dubious work of Belyaev and his bank? And the fact that all reputable rating agencies have even stopped including it in their reports. To prevent others from falling into the financial networks of Otkritie. The truth is, Rosgosstrakh has all the chances for this. Does he just need it? Even in a very difficult economic situation. After all, the transition to the "Opening" is quite likely to be the closure of Russia's largest insurer.
Experts note that such an association has great potential - Otkritie, which is one of the leaders in the Russian financial market, lacked its own insurance business, and the association will help Rosgosstrakh to further strengthen its position, including through the introduction of innovative technologies .
News of the merger made a lot of noise in financial circles last week. And this is not surprising, because a deal of this magnitude is a rare occurrence for an industry where spheres of influence, customers and regions have long been divided among the main players. And the cases when some of the leading corporations in their segments unite can be counted on one hand.
Goal is number one
Information that the companies are preparing to merge assets appeared in the federal press last week - although sources familiar with the situation say that negotiations lasted at least six months, starting in the summer. It was reported, in particular, that shareholders Danil Khachaturov (Rosgosstrakh) and Vadim Belyaev (Opening) recently submitted a merger plan to Elvira Nabiullina, chairman of the Central Bank of Russia - after all, it is the regulator who will have to approve the creation of a new player. Vadim Belyaev will become the main shareholder of the combined structure, Danil Khachaturov will receive a minority stake.
It is known that the assets of the combined group will exceed 4 trillion rubles, the client base - 50 million people, the number of points of sale - about 4 thousand. At the same time, the total number of employees of the company after the merger will be about 100 thousand people. Such indicators are quite comparable with the largest state-owned banks in the country. Of course, this is not the Sberbank of Russia, which employs 330,000 people. But already in the country's second largest state bank, VTB, for example, the number of employees is the same 100,000 people. And the assets of one of the largest state-owned banks - "Rosselkhozbank" - 2.76 trillion rubles. It is also important that today, against the background of the discussed changes in the OSAGO legislation, the prospects of the insurance market players who have experienced some pressure look quite positive.
Without a doubt, it will be a worthy player, comparable in terms of assets and the number of clients with the largest market participants, including state ones, - states Doctor of Economics, Professor Nikita Krichevsky. Both the state and people are interested in improving the reliability and quality of financial services. I believe that this merger will play its positive role just in the field of quality improvement. The domestic financial market needs a certain foundation, a certain basis, which cannot be only state-owned, it must also include private structures. And in this case, we are dealing with a merger that forms such a new dominant.
I agree with this assessment and Chief Analyst of Promsvyazbank Dmitry Monastyrshin.
Such a major player will create competition for government agencies. The situation now is as follows: Sberbank has a large network of branches, VTB, in turn, is implementing a large-scale project with Russian Post, creating Post Bank and significantly strengthening its presence in retail. And now Otkritie, together with Rosgosstrakh, will significantly increase its retail potential. Rosgosstrakh has a large number of branches, more than 3,000 offices - this is the first, the second - about 65,000 agents who themselves will become clients of Otkritie and will be able to sell not only product insurance, but also advise on banking products. And most importantly, Rosgosstrakh has about 43 million customers, this is the widest base among insurance companies, the expert recalled.
AT this moment Both companies hold leading positions in their respective markets: Otkritie in the banking, investment, brokerage and asset management sectors, Rosgosstrakh in insurance. At the same time, Otkritie has long lacked its own insurance business in order to provide a wider range of financial services. The company even made unsuccessful attempts to develop its insurance division, but today it is very problematic to create a truly significant player from scratch in this highly competitive segment. The merger with the leader of the insurance market effectively solves this issue.
In turn, Rosgosstrakh has long tried to build its own banking business. For this, a separate structure was created - the universal Rosgosstrakh-bank, which provides banking services to individuals and corporate clients. Now, thanks to the merger with Otkritie, the problem of developing the banking business will be addressed at a fundamentally different level.
Professor Nikita Krichevsky I am sure that the merger will benefit both of its participants.
For the bank, this is an expansion of the client base and new products that will be developed jointly with insurers. As for insurers, these are again new services developed jointly with the bank, and additional guarantees that customers of both Otkritie and Rosgosstrakh will receive, the expert said.
Krichevsky also draws attention to the possibility of an easier entry of insurers into the stock market and the release of joint products with a division of Otkritie Bank operating in the securities market.
As in the best financial houses in the world
Thus, the merger of Otkritie and Rosgosstrakh is a natural and logical decision for both companies. The deal will allow them to make a leap in development, in a short time to achieve results that individually each of the companies would have spent years.
The combination of companies creates the potential for further business growth, efficiency gains and cost savings through the management of a single client base, the development of common marketing channels and the creation of synergies in other areas, - said a source familiar with the negotiations.
The new structure will have a fairly strong position, and, most likely, due to this they will be able to attract customers and take away share from competitors. By competitors, I mean small and medium-sized insurance companies and regional banks. Maybe they will be able to take away some of the clients from state-owned banks, - confirms Monastyrshin.
Practice recent years shows that in the current economic conditions, only the strongest players are successful. There are two options to become such - either grow independently (the so-called organic growth), or join forces with other market participants. And in this sense, both companies follow the beaten track: growth through consolidation at the expense of competitors and related companies, through mergers is a long-established global trend.
Thus, in Europe, the formation of multifunctional financial corporations of the “full cycle” began many years ago and has long since proved its effectiveness. Now there are many companies operating there that are successfully engaged in simultaneously lending, insurance and the provision of many other financial services that individual firms previously specialized in.
It is this integrated approach that professes Societe Generale - a well-known French financial conglomerate, one of the largest in Europe. The company provides banking services to individuals and legal entities, provides investment and brokerage services, manages assets, and also deals with different types insurance, trade finance and even car rental.
Another example is the British financial holding Lloyds Banking Group, which was formed in 2009 with the merger of Lloyds TSB and HBOS banks. Like its French competitor, it operates in various areas of the financial market, providing banking and insurance services for individuals and large companies.
The assets of all three of the above European groups are in the trillions of euros, and their annual profits are in the billions of euros. This is largely the result of the wide range of services they provide - insurance alone brought Societe Generale 337 million euros net last year. And active mergers and acquisitions helped both structures to take the leading world positions, again - without them, completely different organizations could be on the leaderboards.
Bigger, Better, Stronger
As a result of the merger, Otkritie will gain access to a large number of new customers and the widest regional network of Rosgosstrakh, while Rosgosstrakh will not only have a long-awaited full-fledged entry into the banking market, but also reduce costs and optimize processes, including through advanced digital technologies and developments of Otkritie, which over the past two years has made a real breakthrough in building a digital business and high-tech services for different categories of customers. And, of course, as part of the united company, Rosgosstrakh will receive additional support in the form of a new investor, which should allow it to become even larger.
This can be facilitated by the early approval by the State Duma in three readings of a package of amendments to the OSAGO Law (primarily an amendment on in-kind compensation for damage), which should put a barrier to car lawyers and stabilize the situation in compulsory car insurance: companies will no longer suffer losses, and customers are guaranteed to receive the main what you need insurance for is a well-repaired car.
Experts say that the merger of two such large companies as Otkritie and Rosgosstrakh will take some time - according to calculations, it will take all next year. It is expected that in the merged company the Otkritie team, as before, will develop the banking, investment and brokerage business, as well as asset management. In turn, the Rosgosstrakh team will manage the insurance business. That is, everyone will do what he is a specialist in.
And more than others will benefit customers who will have access to all financial products "in one window" - the so-called "financial supermarket". It is also not planned to abandon any of the brands - each of them will remain with the corresponding business segment.
Plus, it will be a player too big to ignore. If today it is possible to neglect, say, the interests of an individual bank or individual insurers, or even more so stock brokers, then tomorrow it will be much more difficult to do this, because a very powerful structure will appear that you will have to reckon with, whether you like it or not, but you have to reckon with, - adds Nikita Krichevsky.
Obviously, the merger of the two companies will benefit not only themselves, but also the Russian financial sector as a whole. After all, the emergence of such a large private player will increase real competition and can significantly change the balance of power in the financial market. And this means that in the end the consumer wins, for whom they will now fight even more actively than before.
internal confrontation between former partners in the project of creating the largest private banking and insurance group in the Russian Federation develops into an active confrontation with the prospect of litigation in the courts. The partnership agreement between Rosgosstrakh and Otkritie groups was signed in 2016.
The former owner of the company "Rosgosstrakh" and its former president Danil Khachaturov at a press conference at the central office of "Interfax" on Wednesday announced the full compliance with the agreements under the agreement with the bank "Opening". At the same time, the other party - the Otkritie group - did not fulfill any obligations that were discussed when concluding the deal for the sale of Rosgosstrakh, he said.
"We thought and hoped for negotiations. There are no such negotiations. Negotiations are being conducted with us through the press. This is strange. I am already silent about criminal cases," D. Khachaturov said. He admitted that he is considering the possibility of filing lawsuits related to a deal concluded with Otkritie Bank, as a result of which a number of assets of the Rosgosstrakh group passed to Otkritie Bank.
“The insinuations that we didn’t finish something, didn’t finish it, have no basis. We gave everything away, everything that was at that time, at the end of 2016, on the balance sheet or in the group, everything what belonged to me," everything passed to the "Discovery" group. Another question is that the main story of the transaction was that the Otkritie group also had many obligations, none of the obligations are being fulfilled, he continued.
In accordance with previous agreements, D. Khachaturov transferred to Otkritie such assets as Rosgosstrakh, RGS Bank and NPF Rosgosstrakh. In addition, 2,000 real estate objects were transferred as part of the deal. As a result of the transaction, D. Khachaturov was supposed to receive a share in the united company, but due to coincidence, he was forced to transfer all assets for nothing.
“Such an asset as RGS Life was not transferred with other assets of the group, since it did not belong to me since 2015,” D. Khachaturov explained. The fact that Kapital Insurance later moved to Otkritie was explained by the fact that it was on the balance sheet of PJSC Rosgosstrakh. D. Khachaturov told reporters that he did not have any ownership in this company.
In turn, at a press conference in Interfax, the president of the CSKA football club and the RGS Life company, Evgeny Giner, confirmed that he was the ultimate owner of this company and the RGS Medicine company, which specializes in compulsory medical insurance (CMI) and is part of top 3 in terms of the number of insured citizens. Since 2015, he has acted as the owner of companies under an option agreement, now his rights are being finalized, permission from the Federal Antimonopoly Service of Russia has been received.
INTENDED WITH BIG
“Together with Otkritie, which had 3 trillion rubles of assets, I did the largest private financial bank and the largest insurance group in the country. As a result, the financial capabilities of the bank and a small number of clients and offices were connected with the NPF and with the Rosgosstrakh bank, as well as with its huge branch network across the country and the army of Rosgosstrakh sellers. Both parties benefited from the deal. All came out winners," D. Khachaturov said at a press conference.
However, the peculiarity of the situation turned out to be the simultaneous problems of the participants in the transaction. By his own admission former owner Rosgosstrakh, by the end of 2016 it was obvious to him that the company would receive a loss of 30 billion rubles in 2017. After that, D. Khachaturov came to the Central Bank for negotiations with a rescue plan and a potential investor.
The agreement with Otkritie Bank was concluded in April 2016, and since June, difficulties have already begun at the bank itself, now it is undergoing a sanation procedure, its capital was brought to 1 ruble during the sanation. Then the bank needed additional capitalization; it developed a development strategy until 2021. Rosgosstrakh is considered an integral part of this strategy. By the end of 2020, the insurance company should make a profit of 20 billion rubles. At the end of 2018, his profit will be small.
Commenting on the results of the activities of Rosgosstrakh in 2017, D. Khachaturov said: "According to the annual report under IFRS, the loss of Rosgosstrakh amounted to 58 billion rubles. These losses are divided into two parts. One half is our very expectations and the loss from OSAGO operations in the amount of 30 billion rubles, the rest is the result of a revaluation of the securities of Otkritie Bank itself on the balance sheet of Rosgosstrakh (as previously reported, according to the annual report of Rosgosstrakh, the company received more than 29 billion rubles of loss due to the depreciation of the bank's shares " Opening" and bonds of the holding of the same name).
"For the first quarter of this year, Rosgosstrakh has already made a profit. Due to what? Due to the fact that the share of OSAGO has been radically reduced over the past 3 years, which in 2015-2016 reached 40% of the all-Russian fees for this type. Due to the fact that the rules on in-kind compensation in OSAGO began to work, a strict policy of reducing sales was pursued. They did everything right. Well done. I don’t see any problems with Rosgosstrakh either with reserves or with assets. Goodwill of Otkritie Bank in the deal with Rosgosstrakh, according to the bank's IFRS reporting, amounted to 32 billion rubles in 2017," D. Khachaturov said.
OFFENSIVE
Active offensive actions against partners turned out to be unexpected, D. Khachaturov admitted to journalists. So, according to him, the initiation of a criminal case against his brother and closest partner Sergei Khachaturov "blew the brain."
Earlier it was reported that the Lefortovo Court of Moscow on June 13 planned to consider a petition to extend the detention of the former vice-president of Rosgosstrakh, S. Khachaturov, and the house arrest of the ex-shareholder of Rosgosstrakh Bank, Nadezhda Klepalskaya, accused of embezzlement of more than a billion rubles. The investigation asks to extend their preventive measure for another three months, until September 17. They were charged under Part 4 of Art. 160 of the Criminal Code of the Russian Federation (embezzlement or appropriation of another's property on an especially large scale). The detention took place in Moscow on April 17 by the FSB. On April 18, the Lefortovo Court of Moscow, at the request of the FSB, chose a measure of restraint for them. S. Khachaturov was placed in the Lefortovo pre-trial detention center until June 16. According to the media, the amount stolen can be several times more than 1 billion rubles - up to 5 billion rubles; however, the exact size is still being determined by investigators. S. Khachaturov does not admit his guilt.
D. Khachaturov on Wednesday acknowledged that the initiation of a criminal case against his brother and partner S. Khachaturov is also connected with another part of the deal concluded between the Rosgosstrakh group and the Otkritie bank.
Last week, the Moscow Arbitration Court received a claim from Rosgosstrakh, which belongs to the reorganized Otkritie Bank, for 116 billion rubles, the claim is related to the misuse of a trademark, the main amount of claims was 2 billion rubles, the rest - penalties and fines. A similar lawsuit was filed against RGS Medicine, the amount of the claim is unknown. As E. Giner, the president of the CSKA football club and the RGS Life company, explained to journalists, "the companies themselves have not yet received claims, but they are aware of them." According to him, the assessment of the Rosgosstrakh Zhizn company brand was carried out by an individual private entrepreneur from the region.
“RGS Life has never been on the balance sheet of Rosgosstrakh. It is an independent business, like NPF and Rosgosstrakh Bank. They are connected by a brand and in some places by a network. At one time we acquired the life insurer of the Otkritie group, and the brands were used mutually another 2 years. One of the key provisions of the agreement of 2016 with the Otkritie holding was joint sales in chains. These agreements were reached and fixed under English law in London," D. Khachaturov specified during a press conference.
E.Giner confirmed that the agreement between RGS Life and Rosgosstrakh is still in effect today. “Until recently, Rosgosstrakh and Otkritie Bank regularly received commissions from the sale of RGS Life products. RGS Life did not receive notice of its intention to terminate the existing agreements,” said E. Giner.
Answering questions from media representatives, D. Khachaturov expressed categorical disagreement with the fact that Insurance Company Rosgosstrakh is being reorganized. "Rosgosstrakh has no sanitation - this is a fundamental thing. The Rosgosstrakh group has no sanitation. Rosgosstrakh has no state money, neither I nor Rosgosstrakh have any debts to the Otkritie group. If you don’t like the contract that exists, you can apply for its termination,” said the former owner of Rosgosstrakh.
"I do not understand the logic in which parts of the transaction are disputed, despite the fact that it itself is not disputed," the ex-head of Rosgosstrakh explained. At the same time, he specified that, "of course, we are not talking about the return of Rosgosstrakh itself." D. Khachaturov refused to clarify the possible positions formulated in the claims or their amounts, stating that such decisions could be made in the near future.
At the same time, he stressed that he himself and the current owner of the RGS Life company, E. Giner, are ready to conduct a dialogue with interested parties in order to remove all controversial points and resolve all issues in a pre-trial order.
BACKGROUND
In mid-August 2017, the FAS Russia approved a deal between Rosgosstrakh and Otkritie Inform, the owner of Otkritie Holding, Vadim Belyaev. In fact, the insurance company has been under the management of Otkritie managers since February 2017, Rosgosstrakh reported. It was assumed that the former owner of the insurer, D. Khachaturov, would receive a minority stake in the joint structure, but he never received a share. Officially, Otkritie Bank formalized control over Rosgosstrakh on August 28, 2017. Later, the Central Bank announced the reorganization of the bank together with the insurance company. Now the bank owns 96.66% in Rosgosstrakh.
At the end of 2017, the head of Otkritie and chairman of the board of directors of Rosgosstrakh, Mikhail Zadornov, said in an interview with the Kommersant newspaper that "theft reigned from top to bottom" in the company. He admitted that OSAGO losses could affect the company's financial results, but at the same time noted that the company "simply got burned out that its business model does not correspond to today's in any way and has never been aimed at bringing shareholders legal profit. "Apparently, the shareholders of Rosgosstrakh preferred to benefit from owning the company in some other way," he said.
As previously reported, RGS Life was part of the Rosgosstrakh group. After Rosgosstrakh, along with Otkritie Bank, entered the perimeter of the financial recovery carried out by the Central Bank of the Russian Federation, it turned out that since 2016 Alkhas Sangulia has been the ultimate beneficiary of the life insurer. At the beginning of 2018, E. Giner announced that since November 2015, all rights to the RGS Life company belong to him.
The additional capitalization of Rosgosstrakh by Otkritie reached 106 billion rubles in 2017, the insurer said in a press release citing CEO"Rosgosstrakh" by Nikolaus Fry.
On the execution of the offer for the shares of Rosgosstrakh Bank: it bought out 14.93% of the credit institution from minority shareholders, consolidating 99.99%.
On August 25 last year, FC Otkritie acquired Sergey Khachaturov (brother of the former owner of Rosgosstrakh Danil Khachaturov) from RGS Capital 60.51% of RGS Bank. Then FC Otkritie became obligated under the offer. A few days later, by decision of the Central Bank, the bank was transferred to the Banking Sector Consolidation Fund. During the reorganization, Rosgosstrakh and RGSN also came under his control, which owned 24.5% in RGS Bank. Thus, the share of FC Otkritie reached 85.04%.
It took almost a year to fulfill obligations under the offer of FC Otkritie. For the first time, he announced the redemption of RGS Bank papers from minority shareholders at 2,504.48 rubles. per share in October 2017. After that, the bank constantly changed the terms of the offer: extended its term, and also reduced the payment term for the securities presented for redemption.
Thus, FC Otkritie wanted to give all shareholders the opportunity to present their shares for redemption, the bank representative insists: “When the shareholders came, we got the opportunity to close the deal.”
Three shareholders took advantage of the offer, he pointed out, in total, he spent 1.55 billion rubles on the redemption of the shares of FC Otkritie. Most of this amount - 1.03 billion rubles. - received by the insurer "RGS Life" (did not enter into a deal with FC Otkritie and did not get into the FKBS). The representative of the insurer confirmed that he had sold 9.88% of RGS Bank under the offer.
Behind the scenes a dispute for 116 billion rubles.
Relations between FC Otkritie and RGS Life are not easy. In May, the chairman of the board of FC Otkritie, Mikhail Zadornov, expressed the hope that RGS Life would return to the bank's group. The president and new owner of the insurer, Yevgeny Giner, replied that the company had never belonged to Rosgosstrakh, and that talk of “any kind of “return” had no basis.
Later, Rosgosstrakh, controlled by FC Otkritie, filed a lawsuit against RGS Life for 116.6 billion rubles: it is trying to challenge the agreement on the use of the Rosgostrakh brand, under which both companies operate.
Rossgostrakh is not ready to abandon the trial even after RGS Life changed its name to Capital Life in August. Zadornov called the name change "positive action", but indicated that the lawsuit concerns the use of the brand in previous years. “From our point of view, RGS Life paid absolutely meager amounts for the Rosgosstrakh brand. Therefore, this issue has not yet been resolved,” Interfax quoted him as saying on September 10.
For the use of the trademark, Rosgosstrakh Zhizn pays Rosgosstrakh less than 1 million rubles a year, a company representative pointed out: “These are mere pennies compared to the real value of the Rosgosstrakh brand with almost 100 years of history.”
Another shareholder of RGS Bank is suing
Investproekt LLC also took advantage of the offer, a representative of FC Otkritie confirmed. The company received 525 million rubles. The representative of the bank did not name the third shareholder.
