OREANDA-NEWS. September 16, 2011. The Corporation has become the 100% owner of insurer Otechestvo.  The company is to be renamed Otkritie Insurance.  The company is to be headed up by Dmitry Malykh, Managing Director of the Corporation’s insurance business.  The current General Director of Otechestvo insurance company Pavel Uvanushako will hold the position of Executive Director.

The acquisition will allow Otkritie Financial Corporation to boost the scope of its financial services.  Otkritie intends to actively roll out the insurance business and ramp up profit by way of cross sales and focusing on banking insurance.  Becoming part of Otkritie Corporation will make the insurance business more sustainable and reliable.  In addition, Otkritie will gain 60,000 new additional clients. 

“We have ambitious goals in developing this new area of business for the Corporation.  As of year-end 2010 the turnover of Otechestvo’s insurance business amounted to Rub 785 mn in insurance premiums.  We intend to triple this figure over the next three years”, said Dmitry Malykh, Managing Director of the Corporation’s insurance business.