Dresdner Bank, the banking arm of German finance group Allianz, has received approval from Russia's Federal Anti-Monopoly Service, for the acquisition of a 50% plus one share stake in Russian insurer Reso-Garantia, Thomson Financial has reported.

According to the publication, the Federal Anti-Monopoly Service (FAS) revealed on its website that the German banking group had applied for approval to purchase the stake on April 12, 2007. However, the FAS did not disclose the financial consideration for the 50% shareholding.

As part of the terms of the approval, the regulator has placed certain restrictions on Dresdner Bank, including a clause that prohibits the bank’s subsidiaries from selling health insurance in Moscow and other selected regions, Thomson Financial reported.

According to Thomson Financial, the Russian insurer is the country’s second largest retail insurance company in terms of gross written premiums.