MOSCOW, July 5 (RIA Novosti) - Russia's Vneshtorgbank (VTB) and Rosno said Wednesday they had set up a joint insurance company with a charter capital of 435.5 million rubles (over $16 million).
The company, VTB-Rosno, is 50.01% owned by insurance company Rosno, a subsidiary of Russia's leading communications operator AFK Sistema, with 49.99% held by the state-run foreign trade bank.
"The new company will provide all kinds of insurance services except life insurance," a joint news release said.
VTB-Rosno will specialize in corporate and retail insurance programs, including underwriting VTB projects.
