VTB looking to sell Rosgosstrakh, has two buyers - Kostin

MOSCOW. April 24 (Interfax) - VTB has two potential buyers for the Rosgosstrakh insurer, VTB chief Andrei Kostin said.

"We want to sell, right now we have at least two buyers for Rosgosstrakh. It's a separate business. We've sold VTB Insurance to SOGAZ, and now we want to sell Rosgosstrakh, because the insurance business itself is very complex, is needs a huge amount of attention. And I think it would be right to hand it over to professional insurers," Kostin said at a meeting with VTB Private Banking clients.

Rosgosstrakh became part of the VTB Group as part of the deal to purchase Otkritie's assets in December 2022. The bank's management has said the insurance business is not complementary to VTB, but the group is not prepared to sell the asset at any price. Otkritie Bank owned more than 99% of Rosgosstrakh's capital, while minority shareholders owned less than 1%.

The Rosgosstrakh Group includes the universal insurer PJSC Rosgosstrakh, as well as the Rosgosstrakh Life subsidiary.