Project Description
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.
Transition Impact
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.
The Client
ING Continental Europe, the ING’s holding company for its Central and Easter Europe’s life insurance operations.
EBRD Finance
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.
Project Cost
EUR 222 million.
Environmental Impact
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.
Technical Cooperation
None.
Company Contact
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
Business opportunities
For business opportunities or procurement, contact the client company.
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Email: procurement@ebrd.com
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Text of the PIP
Project Complaint Mechanism (PCM)
The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.
Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.
