Wolfgang Kindl noted that the parties agreed not to disclose the price at which the business was acquired.
Uniqa, one of Europe’s largest insurance groups, has sold its Russian business and exited its market. This was reported in a company press release.
“Uniqa is selling its 75% stake in the Russian company Raiffeisen’s life insurance company in Russia Renaissance Life with AO Raiffeisenbankbelong to the group Raiffeisen Bank The remaining 25% of the shares are international and proprietary.
Uniqa stopped any new business operations in Russia almost immediately after the start of the war in Ukraine, a board member said Customers&Markets International Wolfgang Kindl. The company also refrained from further investment.
Now Uniqa has completely exited the Russian market. The parties agreed not to disclose the cost of the acquisition.
“Working together with our joint venture partner AO Raiffeisenbank, last year we considered all the options in this environment, which is also complicated from a legal point of view. We are now taking the last logical step by selling our Russian subsidiary, which accounts for less than one percent of the group’s revenue and therefore plays a minor role in our portfolio,” Kindle concluded.
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Earlier we wrote that the famous Japanese clothing brand Uniqlo and the American pharmaceutical company MSD, which is a supplier in Russia of one of the most popular drugs for the treatment of hepatitis C, Zepatira, left the Russian market.
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.