Romania’s Banca Transilvania Financial Group [BSE:TLV] said on Friday it will purchase 100% of local pension funds administrator Certinvest Pensii through its two subsidiaries BT Asset Management S.A.I. and BT Investments, according to SeeNews.com.
With this acquisition, Banca Transilvania Financial Group is expanding in the field of private pensions, it said in a statement filed with the Bucharest Stock Exchange, BVB.
The deal, whose value was not disclosed, is pending approval by the country’s Financial Supervisory Authority.
“Through this acquisition, BT’s interest is focused on encouraging long-term savings through the Pensions Pillar III, an optional instrument attracting fast-growing interest among active people. We want the future BT pension company to become a relevant a player in this market segment, based on the model of the companies we already have in Banca Transilvania Financial Group,” Banca Transilvania CEO Omer Tetik said.
Certinvest Pensii, the only local player among the pension fund administrators in Romania, manages over 75 million lei ($17 million/ 16 million euro) in an optional pension fund that has over 9,500 participants.
BT Asset Management currently has over 3.9 billion lei assets, manages 14 open investment funds and has over 40,000 clients.
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