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Otkritie's pension fund seeks approval to merge with sister units

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Otkritie's pension fund seeks approval to merge with sister units

Russian nonstate pension fund Lukoil-Garant asked the Russian Federal Antimonopoly Service to approve its merger with fellow nonstate pension funds NPF RGS and NPF of Electric Power Industry, Vedomosti reported Jan. 31.

The merged fund will be headed by Lukoil-Garant's general director, Denis Rudomanenko, and the merger process may take up to six months, Vedomosti said.

All three funds are owned by Otkritie Financial Corp. Bank, which was taken over by the Central Bank of the Russian Federation in August 2017. The planned merger, aimed at reducing management costs, would create the largest nonstate pension fund in Russia, the newspaper noted.

At the end of the third quarter of 2017, the value of pension savings held in the three funds amounted to more than 520 billion Russian rubles, and they provided services to around 8 million clients, according to Vedomosti.

As of Jan. 31, US$1 was equivalent to 56.27 Russian rubles.