PRIME-TASS. Head of Italian insurer Generali Giovanni Perissinotto confirmed negotiations are in progress with Russian lender VTB Bank over the establishment of a joint venture on the Russian insurance market, Prime-TASS wires citing Dow Jones.
“We are discussing with VTB Bank plans to set up a JV on the Russian market, not only in the bancassurance segment," he said noting Generali would like to hold 51% of the JV.
“We hope to execute a transaction to establish the JV soon," Perissinotto said.
He added that this deal might involve Ingosstrakh, but declined to discuss the issue.
Generali is a Top 3 insurer in Europe. The company has expanded its operations in Central and Eastern Europe through a joint venture founded in cooperation with Czech group PPF. Two PPF subsidiaries do business on the Russian market. In addition, PPF Investments holds an equity stake in Ingosstrakh.
