Sovcombank, Russia’s third-largest non-state bank, and MetLife, Inc., one of the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 40 markets, announced today that they have entered into a definitive agreement whereby Sovcombank will acquire MetLife Russia, a Russian subsidiary of MetLife, Inc.
The acquisition is expected to close in the first quarter of 2021, subject to applicable regulatory approvals and other customary closing conditions. After the completion, MetLife Russia will be rebranded. Zhanna Goncharova who worked at MetLife more than 15 years and left early this year will re-join the team to lead the transition. Zhanna will become a President after all needed approvals will be completed. Igor Lappi (CEO of Sovcombank Insurance, ex Liberty Mutual) will become Chairman of Board after the completion of the deal. Igor has great and successful experience of integration of acquired companies with Sovcombank.
Dmitry Gusev, the CEO of Sovcombank: “The acquisition of MetLife Russia reinforces Sovcombank’s strategy of focusing on acquisition of world class expertise and on expanding non-credit financial products we offer to our clients. In the beginning of 2020, Sovcombank acquired non-life insurer Liberty Mutual Russia and this acquisition is a natural step to complete our banking group. For more than a decade, Sovcombank is a client ana a partner of MetLife Russia. MetLife is led by an experienced management team and high-quality workforce, who we look forward to welcoming to our group. We are fully committed to making this transition as seamless as possible for employees and clients.”
George Dimitriou, MetLife Russia: "Our team is excited to become a part of Sovcombank Group and continue to focus on providing best-in-class insurance products across Russia. We look forward to continuing and growing our relationships with our valued customers and clients. Sovcombank is a highly-respected brand in Russia and has the capital, commitment, and trust to help us grow and thrive going forward."
