Moscow, Russia, 26 December, 2019 - Sovcombank, Russia’s third-largest privately owned bank, and Liberty Mutual Group, the fifth-largest global property and casualty insurer, announced today that they have entered into a definitive agreement whereby Sovcombank will acquire Liberty Insurance PJSC, a Russian subsidiary of Liberty Mutual.
The acquisition is expected to close in the first quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions. After the completion, Liberty Insurance will be rebranded.
Dmitry Gusev, the CEO of Sovcombank: “The acquisition of Liberty Insurance reinforces Sovcombank’s strategy of focusing on acquisition of world class expertise and on expanding non-credit financial products we offer to our clients. Liberty Insurance is led by an experienced management team and high-quality workforce, who we look forward to welcoming to our group. We are fully committed to making this transition as seamless as possible for employees and clients.”
Sergei Kovaltchuk, the CEO of Liberty Insurance: "Our team is excited to become a part of Sovcombank Group and continue to focus on providing best-in-class insurance products across Russia. We look forward to continuing and growing our relationships with our valued customers and clients. Sovcombank is a highly-respected brand in Russia and has the capital, commitment, and trust to help us grow and thrive going forward".
Sovcombank is a Russian privately owned universal bank with total assets of 1 trillion Roubles, capital of 133 billion Roubles and net profit of 22 billion Roubles for the 9 months 2019. Sovcombank serves 6 million retail customers and 200 thousand legal entities. The bank employs 15 thousand employees and has 2,447 offices.
The ultimate beneficial owners of Sovcombank are its management, financial investors and a number of sovereign wealth funds and development institutions (Saudi Arabia, Qatar, Bahrain, Kuwait, Japan, Russia, China and UAE).
About Liberty Insurance
Liberty Insurance (JSC) (www.liberty24.ru) is a part of Liberty Mutual Group, the fifth-largest global property and casualty insurer. Founded in 1912, Liberty Mutual has one of the highest ratings among insurance companies: A (Excellent), A.M. Best Co; A (Strong), S&P; A2 (Good), Moody's. The main lines of business of Liberty Insurance are motor insurance, VMI, travel insurance, property, cargo, bankassurance. Licenses of the Bank of Russia are СЛ № 1675, СИ № 1675, ОС №1675-03, ОС №1675-04, ОС №1675-05, ПС №1675.