Sovcombank Completes Acquisition of Liberty Insurance (JSC) From Liberty Mutual Group

MOSCOW, Feb. 7, 2020 /PRNewswire/ -- Sovcombank announces the completion of the acquisition of Liberty Insurance (JSC) from #3 property and casualty insurer in the USA, Liberty Mutual Group. Sovcombank and Liberty Mutual Group signed the agreement on 23^d of December. Bank received the regulatory approvals in 30 days.

Sovcombank is #4 car loan provider in Russia. Liberty Insurance (JSC) specializes mainly in motor insurance and this acquisition makes our proposition to car manufacturers and car owners more rounded. Acquisition of Liberty Insurance (JSC) will add another source of stable fee and commission income particularly important in the environment of falling interest rates.

Dmitry Gusev, Chairman of the Management Board: "Sovcombank's insurance arm will proceed as an independent, standalone legal entity. In all tenders held by the bank, the company will be on an equal footing with other bidders. We believe that the relations between the insurer and the bank should be guided solely by the arm's length principle."

Sovcombank plans to rename the company to Sovcombank Insurance in the shortest legally possible time.

Sovcombank is Russian universal bank with RUB 1 tn total assets. It operates a network of 2,447 offices and employs 16,000 people across 1,034 Russian cities. The bank serves 6 million clients.

Credit ratings (international scale): ВВ, outlook stable (Standard & Poor's), Вa2, outlook stable (Moody's), ВB+, outlook stable (Fitch Ratings). Credit ratings (national scale): A+, outlook stable (Analytical Credit Rating Agency or ACRA), А, outlook positive (Expert RA), АА-, outlook stable (National Credit Ratings agency or NCR)

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SOURCE Sovcombank