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Generali Seeks $300M VTB Stake

Italian insurer, Assicurazioni Generali, is seeking to acquire a stake in Russia’s VTB Group for about $300 million.

Italian insurer, Assicurazioni Generali, is seeking to acquire a stake in Russia’s VTBGroup for about $300 million, The Wall Street Journal reports. The Russian state is offloading a 10% stake in the bank worth nearly $3.5 billion in February 2011 to privatize its state-controlled assets to close its budget gap.

VTB and the Russian government had previously considered selling the stake to a small group of investors led by sovereign wealth funds and TPG. The private equity firm is now seeking to buy only $100 million worth of shares in the offer. Generali already offers insurance and a pension fund in Russia through its partnership with the Czech Republic’s PPF Group in Eastern Europe.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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