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 says the fund would be run by Moscow-based Raiffeisenbank Austria.
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 says.
It adds 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 says. “The fund’s capacities will allow Raiffeisenbank to offer various third pillar pension schemes for corporate and individuals.
“The new owners will restructure the fund’s operations and improve its technological basis, thereby enhancing the service level.”