Project description
and objectives:
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The proposed project envisages an equity investment to acquire 10% of the
share capital in ING Life Insurance Russia, a newly established Russian
subsidiary of ING Group. The investment will support further expansion of the
Russian life assurance market.
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Transition impact:
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The proposed transaction will support the entry of a new strategic investor
into Russia that has experience of successfully operating life insurance in
other CEE countries. This will increase competition in the Russian emerging
life insurance sector and support the development of it.
The company will focus on selling risk and savings based life insurance
products to individual customers primarily via the establishment of a network
of tied agents, initially concentrated in Moscow, St Petersburg and other
large cities.
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The client:
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ING Continental Europe, the ING’s holding company for its Central and Easter
Europe’s life insurance operations.
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EBRD finance:
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Equity investment of up to RUB 95 million (EUR 2.8 million) to subscribe for
10% of the shares in ING Life Insurance, Russia. It is expected that there
will be follow-on investment opportunities over a period of 10 years which
could bring the total investment to EUR 22.2 million.
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Total project cost:
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EUR 222 million.
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Environmental impact:
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Environmental risks associated with ING’s life insurance operations will be
low and primarily limited to the investment of assets which are subject to
close regulatory control. ING will be required to adopt and implement EBRD’s
Environmental Guidelines for the Insurance Sector.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr. Jaroslaw Bartkiewicz
Head of Business Development
Jaroslaw.Bartkiewicz@mail.ing.nl
Mr. Assad Ben Halima
Senior Business Manager
Assad.Ben.Halima@mail.ing.nl
Tel:
+31 20 576 0845
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EBRD contact:
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Dariga Sambayeva, Operation Leader: sambayed@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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