MOSCOW, March 12 - RAPSI. The Federal Antimonopoly Service approved the application of Liberty ITB UK and Europe on the acquisition of 99.99 percent of voting shares at KIT Finance Insurance, the service reported on Monday.

KIT Finance Holding Company (a consortium of investors headed by Russian Railways) and the insurance company's management are KIT Finance Insurances shareholders.

Last June, Yuri Novozhilov, KIT Finance bank's board chairman, said that the KIT Finance Holding intends to sell its insurance business by the end of the year.

According to him, two foreign funds and two Russian companies were interested in purchasing the insurer.

KIT Finance Insurance's client base comprises more than 150,000 individuals and 3,000 legal entities. Its charter capital amounts to 480.7 million rubles ($16.33 million).