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Sberbank of Russia's pension fund to buy local peer VNIIEF-Garant

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Sberbank of Russia's pension fund to buy local peer VNIIEF-Garant

PAO Sberbank of Russia's NPF Sberbank pension fund will acquire NPF VNIIEF-Garant, with the merger of assets of the two funds approved by the Russian Federal Antimonopoly Service and the central bank at the end of November, the unit said Dec. 6.

The financial details of the transaction were not disclosed. NPF VNIIEF-Garant is controlled by entities affiliated with Russia's Rosatom State Atomic Energy Corporation, Vedomosti noted Dec. 6.

NPF Sberbank and VNIIEF-Garant had assets under management of 495.5 billion Russian rubles and 3.6 billion rubles, respectively, at the end of the third quarter, and the funds posted profits of 33.8 billion rubles and 233 million rubles for the nine months of 2017.

As of Dec. 6, US$1 was equivalent to 59.13 Russian rubles.