Aegon to Expand in Hungary With Pension Fund Merger
Posted on: Monday, 30 June 2008, 03:02 CDT
Aegon has announced that Aegon Hungary Pension Fund will merge with Uniqa and Public Service Pension Fund.
Aegon said that this step will further strengthen its position in the rapidly developing pension market throughout Central and Eastern Europe. The merged fund will operate under the Aegon brand name.
With the merger, Aegon pension funds in Central and Eastern Europe will number 1.5 million members, an increase of 140,000 or 10%. Aegon is aiming to raise that figure to a total of 2.3 million pension fund members in Central and Eastern Europe by 2010.
The merger will strengthen Aegon's position in Hungary, almost doubling the group's share of the voluntary pension fund market and raising its share of the mandatory pension fund market to just over 20%. The merger still requires approval from Hungary's regulatory authorities.
Source: Datamonitor
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