AXA took control of 36.7% stake of Reso Garanti

Within the framework of its international development strategy, the French group has taken control over the capital of the second Russian insurer Reso Garantia with 36,7% in stakes.
The move, which comes one year after the acquisition of the Swiss Winterthur, amounts to 810 million EUR (1.193 billion USD). Moreover, Axa is intent on getting hold of all Reso Garantia capital by 2010-2011. The deal sealed also provides for the creation of a common subsidiary in life insurance, saving and pension whose operations will be controlled by AXA.