Banca Transilvania, the largest financial group in Romania, reached an agreement to take over Certinvest Pensii, a firm that manages voluntary private pensions (third pillar), making its official entry on the pension funds management market.

Certinvest Pensii manages a pension fund with assets in amount of RON 75 million (EUR 16 million) and 9,500 subscribers.

“Through this acquisition, BT aims to stimulate long-term savings through the Pillar III pension funds, an optional instrument with a fast growing interest among active people. We want the future BT pension company to become a relevant player in this market segment, based on the model of the companies we already have in Banca Transilvania Financial Group,” said Ömer Tetik, Chief Executive Officer, Banca Transilvania.

Under the deal, BT Assets Management and BT Investments, part of BT group, will take over 100% in Certinvest Pensii.

BT Asset Management manages the savings of 40,000 customers placed in 14 open-end funds with combined assets of RON 3.9 billion (EUR 820 million).

The deal is subject to approval by the financial markets supervisory body (ASF).

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editor@romania-insider.com