SCM investment company reaches preliminary agreement to sell ASKA insurance business

SCM investment company reaches preliminary agreement to sell ASKA insurance business

22.11.2021
SCM

The shareholders of VUSO Insurance Company are the buyers. The deal will be closed and the transfer of ASKA corporate rights will occur once all the legal procedures are complete and the sale is authorised and approved by the National Bank of Ukraine.

ASKA's obligations to its clients and partners shall continue in full both during and after the sale.

Following the merger of the two companies, the Ukrainian insurance market will have a competitive major player with the Ukrainian capital.

"As an investment company SCM has made a decision to withdraw from insurance business, which is fully in line with the SCM's strategy of focusing its investment portfolio. Our main focus in the financial sector is the development of our banking business," stated Sergiy Zuzak, SCM Director for Investments. "We are happy to have a Ukrainian buyer. We believe that it is to the benefit of our clients and the national insurance market as a whole to have a major insurance player with the Ukrainian capital. As a result of this merger the current ASKA clients will be able to enjoy additional services and products," he added.

The amount of transaction remains confidential as agreed by the parties.

PROFILE:

SCM is an international investment company operating in seven countries of Europe and North America. The industrial holdings and business assets of SCM operate in mining and metals, energy generation, banking, telecommunications, mass media, transportation, agriculture, and other sectors.

SCM's portfolio includes Metinvest, DTEK, First Ukrainian International Bank (FUIB), Ukrtelecom, Media Group Ukraine, UMG Investments, Lemtrans, ESTA, HarvEast, etc. Over 500 businesses of SCM employ around 200,000 people.

The ultimate beneficial owner of SCM is businessman Rinat Akhmetov.