Kazakhstan - SNC-Lavalin and Capital BearingPoint have been hired by the state-owned accumulation pension fund GNPF to consult on and support preparations for its privatisation under an Institution Building Programme.
GNPF has over $1.2bn in pension assets under management (AuM) and currently holds over 2.3 million individual pension accounts representing a 28% market share in terms of contributors.
GNPF’s privatisation is a key objective for the government of Kazakhstan.
This 12-month mandate is funded through grants provided by the Canadian International Development Agency (CIDA) and managed by the European Bank for Reconstruction and Development (EBRD).
SNC-Lavalin Capital has sub-contracted the London-based BearingPoint team to design, implement and consult on measures for restructuring and streamlining initiatives. It will focus on corporate governance and organisational restructuring; an operational review; the introduction of a comprehensive risk management system; and a strategic review focusing on marketing and business development for GNPF.
BearingPoint emerging markets practice consultant Virginie Sadoine said: “It is with much enthusiasm we approach this project in conjunction with SNC-Lavalin Capital. Kazakhstan has experienced a steady growth rate of more than 9% per year during the last six to seven years and it is encouraging to see it reaching a position where it can start preparations for the privatisation of such a major state financial operation.”
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