Republic: Insurer Ceska
pojistovna buys 70 % stake in ABN Amro pension fund
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
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.
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.
transfer of ABN PF shares to CP has to be yet approved by the Finance
Ministry and the Czech Anti-Monopoly Office (UOHS).
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.
CP's outlets, ABN PF clients will also have access to information and an
array of activities provided by the CP financial group.
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.