9th Dec 2015 07:09
LONDON (Alliance News) - RSA Insurance Group PLC on Wednesday said it has signed a deal to sell its majority shareholding in Russian joint venture Intouch Insurance for GBP5.0 million in cash.
RSA will sell its 75% stake in the venture to Blagosostoyanie, a Russian pension fund.
"Our business in Russia does not have the same scale as our core franchises in the UK, Canada and Scandinavia. Therefore we have decided to sell Intouch to a company that is an experienced and committed player in the Russian market," said Paul Whittaker, RSA's chief operating officer.
By Sam Unsted; [email protected]; @SamUAtAlliance
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