From January 2007
UKRAINE: ALICO AIG LIFE INS CO AND OTP BANK
INTRODUCE DEPOSITS WITH FUNDED INSURANCE
OF CHILDREN'S LIVES
Pavlo Kharlamov, Ukrainain News Agency, Kyiv, Ukraine, October 7, 2007
KYIV - The ALICO AIG Life insurance company (Kyiv) and one of
Ukraine's biggest OTP Bank have jointly introduced service of placing
deposits with funded insurance of children's lives. The bank made this
statement.
Deposit accounts can be opened by physical entities who place money
funds for children and act as their insurers. Deposit currency is euros or
dollars, insurance currency is hryvnias; minimum amount of deposit is
USD 4,500 or EUR 4,500.
When opening an account, depositors at once draw police of funded
insurance of children's lives and insure their own lives and ability to work
for the whole term of the deposit.
Term of the deposit and of the insurance policy is up to ten years and
insurance contributions are paid from the depositor's own funds for the
first year and then - for expense of interest for the deposit. After
attaining majority, a child has right to manage the financial funds
accumulated for this period.
As Ukrainian News earlier reported, as of July 1, 2007, OTP Bank's net
assets were valued at UAH 13,072.4 million; credit portfolio was valued at
UAH 11,789.9 million and own capital at UAH 1,027.2 million.
The bank ended January-June with a net profit of UAH 77.912 million. It
posted a net profit of UAH 320.284 million for 2006. OTP Bank was created
as Raiffeisenbank Ukraine by the Raiffeisen banking group in April 1998.
In May 2006, the Hungarian OTP Bank and Raiffeisen International agreed
on the purchase of Raiffeisenbank Ukraine for EUR 650 million and concluded the deal in November 2006. Later, the Hungarian OTP Bank renamed Raiffeisenbank Ukraine into OTP Bank.
The ALICO AIG Life insurance company is registered as a closed joint-stock
company. United States-based American Life Insurance Company (ALICO) owns 99.99% of the shares in the ALICO AIG Life insurance company.
