The Federal Anti-Monopoly Service has approved the acquisition of the controlling stake in RESO GARANTIA by Germany’s DRESDNER BANK. The bank dose not buy the insurer, both DRESDNER BANK and ROSNO say. RESO shareholders pledged the insurer’s shares as a security of a credit from the bank. The credit was solicited by the RESO Group (of which the insurer is a part) and not the insurance company. The credit amount, which the bank issued and its duration are not disclosed. Earlier in April, DRESDNER BANK submitted two applications to the Federal Anti-Monopoly Service to buy shares in RESO GARANTIA. Both applications were for the purchase of RESO GARANTIA stake, but used different schemes. The first one provided for direct control over RESO GARANTIA (50% plus one share), the second one — control over the RESO parent company, STANPEAK LIMITED, which owns 50% plus one share in the insurer. On August 14, the Federal Anti-Monopoly Service approved both applications but attached certain conditions in the Moscow region, Tambov and Murmansk regions.
Source: VEDOMOSTI, August 15, 2007
