ABH Holdings plans to restructure ownership of AlfaStrakhovanie – Kommersant

Luxembourg-based ABH Holdings intends to launch the process of restructuring the ownership of AlfaStrakhovanie. At the same time, the Russian insurance company ruled out the sale of the business to “outside buyers,” the press service of AlfaStrakhovanie told Kommersant.

“The current situation is forcing foreign companies with assets in Russian jurisdiction to re-domiciliate (re-register a company in another country while maintaining its organizational and legal form.— “b”). This has been talked about for a very long time. At the same time, in the case of AlfaStrakhovanie, there is no question of any third-party buyers. This is purely a restructuring of ownership and not a sale of the company,” the company said in a statement.

Earlier today, on May 4, the BBC Russian Service, citing a statement by Andrew Baxter, a member of the board of directors of ABH Holdings, announced that the Luxembourg company is preparing to withdraw from Russian assets – Alfa-Bank, the sale of which became known in early March, and AlfaStrakhovanie. A BBC source in the leadership of Alfa Group confirmed that the ABH holding wants to sell its business.

On March 10, the press service of Alfa-Bank confirmed to Kommersant that the financial institution was preparing a deal to sell the controlling stakes of co-founders Mikhail Fridman and Petr Aven. As a result of the transaction, Andrey Kosogov, co-founder of the company, will become the main owner of Alfa-Bank. In February last year, the EU imposed sanctions on Messrs Fridman and Aven.

AlfaStrakhovanie entered the top 200 largest private companies in Russia according to Forbes in 2021. The company took the 46th line with a revenue of 196.8 billion rubles. in 2020.

Erdni Kagaltynov