SLOVAKIA – Dutch banking group ING has completed the previously announced €35m acquisition of Slovak pensions provider VSP Tatry Sympatia.
It announced the purchase, from TBIH Financial Services Group, in June.
It said the acquisition is in line with its strategy of pursuing “carefully selected add-on acquisitions” that strengthen its position in key growth markets.
Tatry Sympatia has around 44% of the Slovak market, with 300,000 customers and €181m in assets under management, ING said. The business will be transferred to ING from September 30.
ING currently has 200,000 clients in life insurance and mandatory pensions in the country.
Last week ING announced that Jan Nijssen, its global head of pensions and chief executive of its central European insurance unit, would step down.