Despite the fact that the FAS has granted the petition of Ingosstrakh's subsidiary, Invest-Polis, to acquire 100% of the shares of two St. Petersburg companies, ASK-Med and ASK-Petersburg, the deal may not take place. The companies' main creditor, VTB Bank, has stated that their controlling stakes (approximately 75% of shares each) are held as collateral for a loan from the parent organization, Regional Alliance, which was declared bankrupt in May.

A representative of the state bank believes that VTB's rights as a pledgee were seriously violated. "During the period of pledge, an additional issue of shares of these companies was carried out. No one informed VTB Bank about this issue," he noted. VTB considers the upcoming deal illegal, therefore, according to a source close to the bank, it is challenging it in court through the bankruptcy trustee of Regional Alliance, Alexander Barinov. The first hearing will take place on September 3.

Negotiations on the purchase of ASK-Med and ASK-Petersburg have been ongoing since the beginning of the year, a source for Vedomosti knows; the cost of the deal could have been around $10 million.

According to a VTB representative, the controlling stakes of insurance companies pledged to the bank were diluted almost fourfold during the additional issue - up to 19% in ASK-Petersburg and 38% in ASK-Med, Interfax reports. "Ingosstrakh is not interested in transactions with encumbrances - if at least 1% is pledged to someone, this contradicts Ingosstrakh's policy," assured the company's deputy general director Tatyana Kaigorodova and stated that the company is not in the process of acquiring the St. Petersburg companies.

According to her, Ingosstrakh did indeed request approval from the FAS in advance in order to acquire two insurers, which would allow the company to strengthen its position in the North-West region: “How business owners will settle relations with the creditor bank before the transaction is their competence” (quoted by Interfax).

Ingosstrakh will not be able to buy companies in St. Petersburg