Allianz SE of Munich has completed its acquisition of Progress-Garant, buying all its shares of the Russian insurer from its management team.
The companies have agreed not to disclose further details of the transaction. The closing was announced Monday.
Progress-Garant, which is active in the property and casualty business in Russia, had gross premiums written of more than $120 million last year. Oleg Pyatakov will remain its chief executive.
Bankruptcy filings rose 11.9% during the past 12 months, according to statistics from the Administrative Office of the U.S. Courts; JPMorganChase named Jerry Lee and Nick Richitt as global co-heads of health care investment banking; Goldman Sachs appointed Akila Raman as global head of its private and alternatives capital markets business; and more in this week's banking news roundup.
The all-cash, 750 million euro deal to buy Talon.One marks a notable shift from the fintech's M&A strategy that has historically favored build versus buy.
The Long Island-based regional bank, which has been in turnaround mode for two years, reduced its earnings per share guidance for 2026 and 2027. It cited an expected decrease in net interest income due to higher levels of payoffs and paydowns in commercial real estate.
The Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency Thursday finalized a rule lowering the community bank leverage ratio from 9% to 8% as well as extending compliance deadlines.
U.S. Attorney for the District of Columbia Jeanine Pirro said in a social media post Friday morning that the Justice Department is closing its investigation into Federal Reserve Chair Jerome Powell, clearing a path for Kevin Warsh to be confirmed as Powell's replacement.
Only 16% of 206 banking pros rated their institution "high" or "very high" — and most of those ratings rest on no formal measurement.
