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Russian central bank to merge 3 Otkritie pension funds

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Russian central bank to merge 3 Otkritie pension funds

The Central Bank of the Russian Federation has preliminarily agreed to merge three of Otkritie Financial Corp. Bank's nonstate pension funds, Reuters reported Dec. 14, citing a spokeswoman for Mikhail Zadornov, the bank's new head.

The spokeswoman added that the combined fund will likely be led by Denis Rudomanenko, the head of Lukoil-Garant, one of the pension funds to be merged.