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Czech Republic: Insurer Ceska pojistovna buys 70 % stake in ABN Amro pension fund

from Interfax Web Site

December 22, 2003

The largest Czech insurer Ceska pojistovna (CP) has acquired a 69.7 % stake in the ABN Amro Penzijni fond (ABN PF) pension fund, which administers assets of 216,000 clients worth CZK 5.1 bn, CP spokesman Jan Zalcik told Interfax Friday.

After completion of the transaction, CP will administer nearly 670,000 private pension insurance accounts and it will become the leader on the Czech pension insurance market, says the spokesman.

Approximately 30 % of ABN PF remains in hands of the Proxy - Finance firm. CP and Proxy have concluded an agreement under which both firms will act in accordance when making decisions on administration of ABN PF assets.

The transfer of ABN PF shares to CP has to be yet approved by the Finance Ministry and the Czech Anti-Monopoly Office (UOHS).

The pension insurance conditions of ABN PF clients will remain unchanged. Moreover, optimization of costs in the segment of the portfolio management, financial and outlets network administration, IT development and operating activities, will have a positive impact on future appreciation of clients' assets, the firms says.

Through CP's outlets, ABN PF clients will also have access to information and an array of activities provided by the CP financial group.

CP is the sole owner of the Penzijni fond Ceske pojistovny (PF CP) pension fund, established in 1994. With 453,000 clients, PF CP is the second largest pension fund in the Czech Republic. It administers assets worth CZK 9.6 bn.

CP is the CR's largest insurer with a market share of over 37 %. CP administers 14.5 mln insurance accounts. Its majority shareholder is CESPO B.V. of the PPF group. PPF controls 85 % of CP. 

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