Sovcombank completed the acquisition of Liberty Insurance from Liberty Mutual Group.

Sovcombank, a provider of banking services, completed the acquisition of Liberty Insurance, a provider of motor insurance, from Liberty Mutual Group, an American diversified global insurer. Financial terms were not disclosed. "Sovcombank's insurance arm will proceed as an independent, standalone legal entity. In all tenders held by the bank, the company will be on an equal footing with other bidders. We believe that the relations between the insurer and the bank should be guided solely by the arm's length principle," Dmitry Gusev, Sovcombank Chairman of the Management Board.