Salans’ Moscow Banking & Finance team has acted for RGS Holdings Limited, the holding company of Rosgosstrakh Insurance Company (RGS), Russia’s leading insurer, in an 18 billion ruble (approx. $639 million equivalent) loan from VTB Bank.

The Salans team was led by Moscow partner and head of the Russian Banking & Finance Practice Tim Stubbs, assisted principally by Moscow associates Julia Konstantinova and Vladislav Bromberg. London associate Roger Vallance also lent critical support in the negotiation and drafting stages.

Rosgosstrakh Group President Danil Khachaturov said, “Rosgosstrakh’s shareholders have decided to move into an active phase of preparing the Group for an IPO. These funds will help Rosgosstrakh to achieve this target effectively.”

Head of Russian Banking & Finance Practice Tim Stubbs noted, “We are extremely pleased to continue our long-term cooperation with RGS and to help support the Group in this important pre-IPO stage. Rosgosstrakh is the leading insurance player in Russia/CIS. Its success will help bolster the success of the entire insurance industry in this important region of our global economy.”

The Rosgosstrakh Group includes OAO Rosgosstrakh, OOO Rosgosstrakh, SK RGS-Life, which handles life and voluntary pension insurance, and OOO RGS-Medicine, which provides mandatory medical insurance. OOO Rosgosstrakh has 83 branches in all regions of Russia, including some 3,000 agencies, insurance offices, sales offices and claims adjustment offices.