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Sovcombank Completes Acquisition of Liberty Insurance from Liberty Mutual Group
Wednesday 12 February 2020

12 February 2020 - Moscow-based private bank Sovcombank has closed the acquisition of Russia-based Liberty Insurance from US-based property and casualty insurer Liberty Mutual Group, the bank said.

Sovcombank and Liberty Mutual Group signed the agreement on 23d of December. Sovcombank received the regulatory approvals in 30 days.

Sovcombank is #4 car loan provider in Russia. Liberty Insurance specialises mainly in motor insurance and this acquisition makes Sovcombank's proposition to car manufacturers and car owners more rounded, the bank said.

The acquisition of Liberty Insurance will add another source of stable fee and commission income particularly important in the environment of falling interest rates.

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

Sovcombank is Russian universal bank with RUB 1tn total assets. It operates a network of 2,447 offices and employs 16,000 people across 1,034 Russian cities.
Date Published: 12/02/2020
Target: Liberty Mutual Group
Country: Russia
Sector: Insurance
Type: Corporate acquisition
Status: Closed
Buyer: Sovcombank
Terms of the deal were not disclosed