FIRST FUND MERGER on Romanian 2nd pillar: BCR (ERSTE) buys OMNIASIG (VIG)
ROMANIA, EXCLUSIVE: BCR Leasing (part of ERSTE BANK GROUP) has
announced today the acquisition of OMNIASIG Pensii (part of VIENNA
INSURANCE GROUP), with the intention to merge the two mandatory (2nd
pillar) pension funds managed by BPCR and OMNIASIG. This would be the
first fund merger on the freshly launched privte pensions market of
ROMANIA. The two 2nd pillar funds would thus form a 200,000
participants fund (market share of 4.6%), ranked 7th among the
remaining 13 mandatory pension funds.
The total number of
mandatory pension funds on the Romanian market would thus drop from 14
to 13. Now, the fund managed by BCR has 133,000 participants while
OMNIASIG's fund has 66,000. By net assets managed, the new fund would
have a market share of 4.3%.
25.09.2008
