Austria’s Raiffeisen buys Russian pension fund

RUSSIA - Raiffeisenbank Austria has bought non-state Russian pension fund Dobroe Delo for an undisclosed sum in a bid to enter the third-pillar market.

A bank spokesman said the fund would be run by Moscow-based Raiffeisenbank Austria and that it would be decided “in the next couple of days” who will run the business.

The fund, whose name means ‘good deed’, was registered in 1994 and is one of the few Russian non-state pension funds actively working with private clients, the bank said.

It added the fund has private pension plan contracts with 14,600 individuals and 67 corporate clients.

“All the fund's former obligations towards its clients and business agents remain to be in full force and valid,” it said.

“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.”

"Operating an NPF 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,” said Herbert Stepic, chairman of the managing board of Raiffeisen International.

Raiffeisenbank has operated in Russia since 1996.

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