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BIN Group Closes Acquisition of Raiffeisen Pension Fund

BIN Group has closed the deal to acquire ZAO NPF Raiffeisen from AO Raiffeisenbank. Prior to closing, all the required regulatory approvals were obtained from the Federal Antimonopoly Service and the Central Bank of the Russian Federation.

The change of shareholder will not affect performance of the fund’s obligations to insured persons, contributors and participants. Customer agreements will stay in effect; the terms of investment income calculation and distribution, payout of pensions and surrender amounts will also remain unchanged.

«The deal we have closed is one of the biggest in the pension industry this year. Over 10 years of successful operations, Raiffeisen Pension Fund has earned trust of more than 250 thousand customers. And we guarantee to all insured persons, contributors and participants of the fund that we will honour all obligations to them," said Mikail Shishkhanov, co-owner of BIN Group. «We will be rebranding the fund into Safmar Pension Fund shortly, and later on we will consolidate all pension funds our Group owns under this brand. We intend to create the most efficient and reliable non-state pension fund in Russia, which will take the lead in the country’s pension market.»

AO Raiffeisenbank will continue servicing the fund’s customers at its branches and will act as an acquisition agent for mandatory pension insurance agreements in the future.

«We are confident that the fund will be integrated into BIN Group smoothly and as comfortably as possible for its customers," said Sergey Monin, CEO of AO Raiffeisenbank. «The deal marks a new step in the fund’s progress as a key player in the pension market, and will enable its transition to a higher stage of development. In its turn, Raiffeisenbank will focus on its core business of corporate and retail banking.»

Based on H1 2015 results, ZAO NPF Raiffeisen manages RUB 34 billion in pension assets, including RUB 29 billion of pension accumulations and RUB 5 billion of pension reserves. The BIN Pension Group owns four more pension funds: NPF Evropeyskiy pensionny fond (European Pension Fund) (AO), AO NPF Doverie (Trust), NPF Regionfond (AO), and AO NPF Obrazovanie i nauka (Education and Science). In total, the five funds manage over RUB 144 billion in pension assets.

ZAO Non-State Pension Fund Raiffeisen provides services for the mandatory pension insurance, inter alia, under the state pension co-financing program, as well as implements programmes for non-state pension provision for individuals and legal entities. Based on the 2014 results, Expert RA Rating Agency has confirmed the Fund’s rating of A++ with a «stable» outlook.

AO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. According to Interfax-CEA, AO Raiffeisenbank ranked 12th based on assets in the first six months of 2015. According to Interfax-CEA, AO Raiffeisenbank ranked 7th in Russia in terms of retail deposits and 9th based on outstanding retail loans for the first six months of 2015.

Raiffeisen Bank International AG is a leading corporate and investment bank in the financial markets of Austria and Central and Eastern Europe. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 15 markets. Over 54,700 employees serve 14.8 million customers in more than 2,900 branches, most of which are located in Central and Eastern Europe. Raiffeisen Bank International is a fully consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB), which owns about 60.7% of the common stock listed on the Vienna Stock Exchange. The remaining shares constitute free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the head office of the entire RZB Group, including RBI.


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