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BCR takes over Omniasig Pensions and becomes the seventh player in the private compulsory pension ma

BCR group took over by means of BCR Leasing, the company Omniasig Pensions, which administers the pension fund Omniforte, the bank announced on Thursday. The transaction, which expects the approval of the Commission Supervising the Private Pension System, is the first of the kind in the private pension market in Romania.

BCR will become the seventh player in the compulsory private pension market in Romania.The accord was concluded on Friday, between BCR Leasing, the leasing division of the bank and TBIH Financial Services Group and Omniasig Vienna Insurance Group, the shareholders of Omniasig Pensions. He Pension Fund Omniforte will continue to be administered by Omniasig Pensions.

BCR Group intends to make the merger of Omniforte privately administered fund with BCR Pension Fund, Omniforte clients being informed about every action taken.

"It is a normal transaction in the process to consolidate the private pension market in Romania. Negotiations started 6 months ago and the two parties signed the merger today," said the general director of Omniasig Pensions, Cristina Nitescu.

BCR will rank seventh in pension market

The compulsory private pension market has 14 players and BCR will reach a cumulated market share of 4.6% (202,361 clients) which may launch it the seventh in the system, after ING (33.2%), allainz-Tiriac (25.6%), Generali (9.4%), Aviva (7.4%), Interamerican (6.4%) and AIG (6.3%).

According to the law, a pension fund should have at least 50,000 participants after the first three years since the setup date in order to be kept in the market. At present, four of the 14 funds have less than 50,000 clients, which make them available for takeovers.

Sursa: http://www.actmedia.ro

Tags: pension bcr compulsory market private omniasig pensions seventh ing

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