SERBIA - French banking group Société Générale has announced it has received regulatory approval to set up its planned pension fund management company in Serbia.

The Serbian National Bank gave its approval earlier this week for the plans, which will see the launch of the pension fund manager Société Générale Pnzije, 51% of which is owned by the group's Serbian retail bank.

Life insurer Sogécap will own the remaining 49%, the bank said in a press statement dated yesterday.

The news comes as a new pro-European government is being formed in Serbia, following a lengthy election campaign for presidential and parliamentary polls.

Earlier this month, Marija Medenica, director of Erste Invest Beograd, told IPE that Serbia is set to introduce a mandatory second pillar within the next few years.

The sister company of the Austrian asset manager Erste Sparinvest has just set up business in the former Yugoslav republic and is preparing for a major growth over the next years. [See earlier story: ‘Serbia mulls second pillar']

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