DGAP-News: Sberbank: Sberbank of Russia acquires 100% of OOO –Insurance Company Allianz Life–

EquityStory.RS, LLC-News: Sberbank / Key word(s):
Miscellaneous/Miscellaneous
Sberbank: Sberbank of Russia acquires 100% of OOO –Insurance Company
Allianz Life–

17.10.2011 / 17:09

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Sberbank of Russia acquires 100% of OOO –Insurance Company Allianz Life–

October 17, 2011, Moscow – Sberbank of Russia (–Sberbank–), the insurance
company Allianz Life (–Allianz Life–) and ZAO –Insurance Shareholder
Company –Allianz—- (–ISC –Allianz—-) – signed the Key terms of the
acquisition of OOO –Insurance Company Allianz Life– (–IC Allianz Life–).
The transaction involves acquisition of 100% of share capital in IC Allianz
Life. The current shareholder of the Company is ISC –Allianz–.

The parties agreed to close the transaction before the end of 2011. The
price of the transaction is not disclosed.

–The key goal of the acquired Company will be the development of the
savings and investment insurance market in Russia, – said the Senior
Vice-President of Sberbank Denis Bugrov. – This is a difficult task that
would require maximum effort primarily in establishing trust for the market
of life insurance.–

Sberbank analyzed the rationale of entering the market of retail insurance
during 2011. The Bank made its choice considering the significant potential
of the life insurance market. According to industry experts, the savings
life insurance market is estimated at 500-1000 bln RUB in terms of
insurance collections.

IC Allianz Life does not have a sizable client portfolio and does not make
Top-100 insurers in Russia in retail insurance. The development of the
Company–s business has not been the priority of its original parent company
Allianz Group as the latter focused on growing the business of Allianz
ROSNO Life in Russia.

End of Corporate News

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17.10.2011 Dissemination of a Corporate News, transmitted by
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Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media@sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS

End of News EquityStory.RS, LLC News-Service
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