Russian Prime Minister wants FSA to allow private equity firm to build up stake in Chaucer
Russian leader Vladimir Putin has vowed to help a Russian private equity firm build up its stake in Lloyd’s insurer Chaucer, according to Russian media reports.
Putin is thought to be concerned about Pamplona’s bid to increase its 9.99% stake in Chaucer being stalled by the FSA.
Russian officials aim to hold talks with British authorities "to establish rules that apply to our financial institutions in the UK would have been no worse than those which apply to British companies in Russia".
Russian officials have complained to the FSA that the regulator had restricted Alfa Group activities, according to Russian news website BSR Russia. Pamplona manages investments on behalf of the group.
Pamplona announced in May last year that it wanted to acquire 29.9% of Chaucer, before the FSA stepped in to block the move. FSA approval must be given to any investor which owns more than 10% of a UK insurer. The FSA declined to comment.