Deal Description: On December 27, 2021, Sovcombank, a systemically important bank in Russia, announced it has signed an agreement to purchase CIV Life insurance company.
The acquisition is subject to regulatory approvals and is expected to close in the first quarter of 2022.
This is the third insurance company that Sovcombank has acquired. In December 2019 Sovcombank acquired Liberty Insurance (known as Sovcombank Insurance), and in December 2020 they acquired MetLife (known as Sovcombank Life).
Baker Botts advised Sovcombank on all three acquisitions.
Baker Botts Lawyers/Office Involved:
Tax: Graham Brough (Special Counsel, London).
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