Insurance company RESO-Garantiya bought Petrovskaya Insurance Group.

Controlling stakes of both Petrovsky Bank and RESO-Garantiya belong to the MDM-Bank and MDM Group, so it is a simple redistribution of capital within MDM business.

Authorized capital of companies joining Petrovskaya Insurance Group is $3 million 500 thousand. Petrovskaya Insurance Group consists of North-Western Insurance Company, Insurance company Colonna, Saint Petersburg Reinsurance Company and Insurance Medical Company Medstrakhkom.

Authorized capital of RESO-Garantiya amounts to $11 million 600 thousand. North-Western Regional Centre consists of North-Western branch of RESO-Garantiya (Saint Petersburg), Moskovsky branch (Saint Petersburg, in charge of 7 agencies in the Leningrad Region), Karelian branch (Petrozavodsk), Vyborg branch (Vyborg), Murmansk branch (Murmansk).

In April, 2001 MDM-Bank, Petrovsky Narodny Bank, RESO-Companiya and Petrovskaya Insurance Company declared about establishment of the North-Western insurance alliance. They are going to implement joint projects in the financial-credit sphere and provide insurance activities.

News source: IA "Rosbalt"