Russia-based investment companies Region Investment Co ZAO and LLC Concern Rossium intend to merge their pension funds as part of their consolidation plans, Kommersant reported.
Russian non-state pension fund NPF Soglasie, which is controlled by Rossium, will be merged with pension fund NPF Evolution, formerly known as NPF Neftegarant. NPF Evolution will also include Region's pension fund NPF Sotsialnoe razvitie and NPF Obrazovanie.
Region and Rossium's representatives told Kommersant that the merger of the pension funds is expected to be completed around mid-2020 and is part of a strategic cooperation between the companies and plans to consolidate their assets.
Region and Rossium first unveiled their merger plans in June, saying at the time that they agreed to carry out a joint evaluation of their assets to explore potential synergies that would stem from a deeper partnership.
The companies recently announced they were moving forward with the merger plans, with Rossium becoming "the center for the future consolidation" of the businesses. In addition, Region's main shareholder, Sergey Sudarikov, was appointed general director at Rossium, while Rossium's owner, Roman Avdeev, will continue as chairman of the company's board.
Rossium and Region own shares of several Russian banks, including PAO Credit Bank of Moscow, which is controlled by Rossium.
