Bank24.ru acquired Retra Insurance Company. The bank’s press officer reports Retra is one the Urals’ oldest insurers, as it was set up in 1993; the company is proud of its impressive client database that comprises both profit-making and public sector enterprises as well as a significant proportion of private customers. The acquisition resulted in Retra’s capital rising by 40 million RUR.

‘Buying this insurance company is seen is a strategic decision. We intend to develop this insurer as a separate business, since this kind of activity has a lot of potential. In the very near future, Retra is to undergo major changes: the company is to be re-branded and will get a new powerful team. We mean to develop this business further, and we mean to do it in a very aggressive way,’ Bank24.ru’s Chairman Boris Dyakonov says.

‘The insurer has got all the growth preconditions: firstly, it’s got all the licenses needed to engage in insurance activity; secondly, the new investors have contributed a very tidy bit of money to its capital (Bank24.ru gave Retra 40 million RUR, so Retra’s authorized capital now amounts to 170.308 million RUR); thirdly, these recent investments can help the company build up its position on the market and raise its capital greatly,’ Mr. Dyakonov notes.

The bank’s press officer reports their new acquisition means their customers will get a chance to use insurance services less expensively.