EBRD
Press conference, Ljubljana, 29th March 2007
EBRD takes first equity stake in Slovene pension fund
The European Bank for Reconstruction and Development (EBRD) is acquiring a 20% stake in Slovenia’s Prva pokojninska družba, a privately-owned manager of voluntary and mandatory pension schemes in Slovenia and southeastern Europe. EBRD’s equity investment of up to €8 million will provide further funds for the establishment and expansion of Prva’s pension fund and asset management subsidiaries in the markets of southeastern Europe (Serbia, Kosovo, Montenegro, Albania, Romania and Ukraine) and at a second stage in the Commonwealth of Independent States.
Following the capital increase, the EBRD becomes the third largest shareholder of Prva pokojninska družba, following Dej, with a 32% share, and Poteza Skupina, with 30%.
This is the Bank’s first equity participation in a locally owned Slovene pension fund. Established in 2000, Prva pokojninska družba is now the leading pension fund company in Slovenia with over 67,000 policyholders and a market share of approximately 22.5%. It currently also has pension fund operations in Macedonia with over 70,000 policyholders and a market share of 53%, in Kosovo and Serbia and is entering the Albanian and Ukrainian market. Despite being a relatively young company, Prva pokojninska družba is starting to emerge as one of the few pension providers in the region with adequate experience and clear regional focus.
Prva pokojninska družba is seen as well placed to offer a choice for such products and ensure transfer of expertise in the pension fund management, which will be complemented by EBRD’s regional and market expertise.
Picture: Singning the contract, Francois Lecavalier (EBRD) and Alenka Žndaršič Kranjc (Prva pokojninska družba)
