Russia's banking regulator has granted Sogecap the necessary approval to finalize the takeover of Soyuznik, a company specialized in means of payment insurance, and to set up a life insurance company, Sogecap Life Insurance.

The two new establishments are part of the continuing international expansion of Societe Generale Insurance, the life insurance business line of Societe Generale group.

The two entities – held jointly by Sogecap and Banque Societe Generale Vostok or BSGV – will allow Societe Generale Insurance to meet demand for insurance products among the group’s entities in Russia: BSGV for retail banking, Rusfinance for specialized finance and Delta Credit, a financial establishment specialized in mortgage loans. For these entities and the group’s external partners, Societe Generale Insurance will offer payment protection insurance and cover for the risks associated with means of payment.