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MOSCOWRussia's state-controlled foreign trade bank, Vneshtorgbank (VTB), plans to buyout Russian insurer OJSC Rosno's stake in joint venture VTB-Rosno by July 1, according to Russian news accounts.
VTB-Rosno provides corporate and retail insurance services, as well as underwriting VTB projects.
Currently, Rosno, part of Germany's Allianz A.G., holds a 50.01% stake in VTB-Rosno, while VTB Banks holds a 49.09% stake in the company. The deal will bring VTB Bank's stake in the insurance company to 100%.
VTB and Rosno established the joint venture last summer with authorized capital of 435.5 million rubles ($16.8 million).