OREANDA-NEWS. April 15, 2010. The Interdistrict Inspectorate of the Federal Tax Service No. 46 in Moscow registered the amendments in the Articles of Association of Ingosstrakh ONDD Credit Insurance LLC (INGO-ONDD) in connection with increase of the company’s authorized capital by 330 mln rubles. INGO-ONDD's authorized capital now amounts to 450 mln rubles.

As a result, the Belgian public credit insurance agency Office National du Ducroire (ONDD) increased its share in the joint venture's capital up to 66.67%; Ingosstrakh’s share amounts to 33.33%.

According to Aleksandr Grigoriev, General Director of Ingosstrakh OJSIC, the increase of INGO-ONDD’s share capital is part of the strategic plans for the insurer's development. The main goal is to strengthen the company’s financial power, conquer leading positions in the credit insurance market in Russia and in the CIS.

The joint venture Ingosstrakh ONDD Credit Insurance LLC was established in August 2009 by Ingosstrakh OJSIC and the Belgian public export credit agency Office National du Ducroire (ONDD). The joint venture specializes in insurance of credit risks for domestic and foreign companies operating in the Russian market.