POLAND - Dutch financial group Aegon is to create Poland's fifth largest pension fund in the wake of its acquisition of the pension fund subsidiary of BRE Bank.

Aegon will merge the Polish pension fund Ergo Hestia, which it acquired last year, with BRE Bank's Skarbiec-Emerytura.

The combined assets under management of the new pension fund will be almost €1.7bn. I will have more than 800,000 members.

The deal signed today is subject to approval by Poland's Financial Supervision Commission (KNF) and the country's Office of Competition and Consumer Protection (OCCP).

Jarosław Kubiak, currently chief executive of pension provider PTE Ergo Hestia, was named as head of the new joint entity.