ING buys Slovakia pension fund for €35m
SLOVAKIA – Dutch banking group ING has signed an agreement to buy Slovakian private pension fund VSP Tatry Sympatica for €35m.
It has an agreement with Kardan Group’s TBIH Financial Services Group, the private equity group which manages the fund. The fund has €181m in assets under management and has a 44% market share, ING said.
“Tatry Sympatia is market leader for managing voluntary private pensions in the Slovak Republic, serving over 300,000 clients,” ING said.
It added that the acquisition boosts its position in Slovakia, where it has 200,000 clients in life insurance and mandatory pensions.
“The transaction is in line with ING’s strategy of pursuing carefully selected add-on acquisitions that strengthen ING’s position in key growth markets,” said Jan Nijssen, ING’s global head of pensions.
“Retirement services/pensions and emerging markets are two of ING’s principal growth areas. So, the addition of Tatry Sympatia fits perfectly into ING’s growth strategy.”
Meanwhile, fellow Dutch–based group Aegon has made a life insurance acquisition in Poland.
Aegon said it has an agreement with Nationwide Insurance Co. to buy 100% of Nationwide Towarzystwo Ubezpieczen na Zycie S.A. for an undisclosed amount.
“As a result of this acquisition, Aegon will achieve a strong market position in the Polish life insurance industry,” it said.