DLA Piper advises Renaissance Insurance Group on sale of its pension fund to non-state pension fund of Sberbank

DLA Piper has advised Renaissance Insurance Group on the sale of its 100% stake in non-state pension fund Renaissance Pensions to the non-state pension fund of Sberbank, Russia’s largest bank.

Founded in 2002, Renaissance Pensions has some 200 corporate customers, over 42,000 clients and RUB24.5 billion in assets. It will remain a separate legal entity, at least for the transition period, which might last for at least a year, according to estimates made by both the parties.

DLA Piper advised Renaissance Insurance Group on the sell-side aspects of the transaction, including the negotiation of the sale and purchase agreement. The firm’s Corporate team was led by partners Steffen Kaufmann and Christoph Mager, assisted by senior associates Ekaterina Larens and Azamat Abdulmenov and associate Roman Abu Salekh.