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Russian Pension Funds To Merge

The Washington Times

Moscow, Russia

July 20, 2004


Russian pensioner shouts at police during a protest rally in central Moscow, July 2, 2004. The State Duma lower house of parliament is to give initial approval to a law replacing traditional state benefits with cash payments for millions of Russians on low incomes, including the poor, war veterans, pensioners and disabled people. REUTERS/Sergei Karpukhin

Two major Russian banks are planning to merge their pension funds, RosBusinessConsulting reported Monday.

Vneshtorgbank president, Andrey Kostin, told journalists that his bank planned to merge its own pension fund with that of the Vnesheconomicbank.

Kostin said the merger of the two pension funds would be carried out within the framework of pension reforms approved by Russian President Vladimir Putin, the news agency said.

Kostin also said that Vneshtorgbank had accrued great experience in dealing with other pension funds around the world. It had been negotiating with the pension funds of foreign states for a long time, especially in Latin America, he said.


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