AUSTRIA/RUSSIA - Raiffeisenbank Austria, the subisidiary of Raiffeisen International, has acquired the Moscow-based private pension fund Dobroe Delo, for an undisclosed amount.
Raiffeisen International, which has a presence in 15 central and east European countries, plans to foray into the pension fund market in Croatia and Romania as well.
Dobroe Delo has more than 14,600 contracts with individuals and 67 contracts with corporate clients for a private pension plan, as of January 2004.
The bank said that all the fund's former obligations towards its clients and business agents remain “in full force and valid.” “The fund's capacities will allow Raiffeisenbank to offer various third pillar pension schemes for corporate and individual customers. The new owners will restructure the fund's operations and improve its technological basis, thereby enhancing the service level for its customers,” the bank said.
Herbert Stepic (pictured), chairman of the managing board Raiffeisen International said: Operating an non-state pension fund is very much in line with Raiffeisenbank's strategic development objectives, not only for local retail and corporate business, but for the whole spectrum of asset management products.
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Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers