Consolidation on the 2nd Pillar

“We are in the stage of consolidating the system by dropping out to authorization. From now on, the funds will be able to be withdrew only by special administration, because there are assets in system, or by the procedure of acquisition on the law of commercial companies, or by fusion of some funds on our norm, respecting the rights of the participants. Another two three funds will come up out of the market this year as a result of some fusions”, Mircea Oancea (photo), president of the Commission of supervision of the system of private pensions stated. Still, before the turn up of the CSSPP norm regarding the fusions, many announces of acquisitions and fusions have circulated on the market of the Second Pillar. The most probable, the acquisition of OTP by BT Aegon. “We are interested of purchasing some businesses from the compulsory pension area, of course in measure in which they correspond to our evaluation criteria”, Marius Ratiu, new general director of BT Aegon Fond de Pensii stated. BT Aegon is a joint-venture between Banca Transilvania and the Netherlands company of life insurances and pensions Aegon and occupies the 8 position according to the share market. “For 2008, we have proposed ourselves to consolidate the position on the market of the private pensions administrators, so we are focusing on improving the services offered to the clients of the pension fund VITAL, and for sustaining those activities, our shareholders have decided the increase of the social capital with four million euro. We also focus on developing the network distribution in subsidiaries and locations of Banca Transilvania, but we also base on the support of the partner brokers, which proved to be a sale network with great potential”, Ratiu added.