INTERAMERICAN Pensions to merge with BANCPOST Pensions, the pension funds will merge too

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INTERAMERICAN Pensions, the company managing Romania's 6th largest mandatory private pension fund (2nd pillar pensions), will merge with BANCPOST Pensions, which manages the 11th largest fund on the Romanian mandatory private pensions market, sources from the market told www.privatepensions.ro. The transaction will be announced today and needs regulatory approval to begin official proceedings. After the pensions companies will have merged, the two pension funds will merge too. The absorbed entity will be BANCPOST Pensions and its fund.

This deal is the second one on the local pensions market, after the one between BCR and OMNIASIG (announced in September, but rejected until now by CSSPP, Romania's regulatory body in private pensions). INTERAMERICAN Pensions is part from the local operations of EUREKO Group, market leader in insurance and pensions in the Netherlands, while BANCPOST Pensions is controlled by BANCSPOST, a top10-size bank in Romania, part of the Greek EFG Eurobank Group.

The mandatory pension fund managed by INTERAMERICAN Pensions is 6th largest in terms of net assets under management (EUR 9.3m, market share of 4.91% at the end of November 2008) and 5th in terms of total number of participants (over 283,000 participants, market share of 6.34%). The fund managed by BANCPOST Pensions is 11th largest in both rankings, with over 25,000 participants (0.56% market share) and net assets of about EUR 1m (0.54%).

Besides the two deals already announced (BCR-OMNIASIG and INTERAMERICAN-BANCPOST), other 3 transactions are expected on the market within the following 1-2 years, possibly involving OTP Pensions, PRIMA PENSIE and KD Pensions, the smallest players on the local mandatory pensions market.

16.12.2008

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