VTB and RGS Group (“RGS”) have signed a RUB 18 million loan agreement. The loan will be used to introduce qualitative changes into the borrower’s liabilities, including increase in their maturity. The loan is granted on the market terms against a part of shares held by the main RGS operating companies.
“We are glad to continue cooperation with one of the largest insurance companies in the Russian market. I am sure that this loan agreement will facilitate successful RGS development under the program of expansion into capital markets,” said Yuri Soloviev, First Deputy President and Chairman of the Management Board.
“VTB is our long-standing partner and we have already enjoyed fruitful cooperation. RGS shareholders have made a decision to proceed to the main stage of preparation for IPO. The loan will enable Rosgosstrakh to achieve its goals in the best possible way,” said Daniel Khachaturov, President of RGS Group.