The Hague, The Netherlands — AEGON has completed its acquisition of the Polish pension company PTE Skarbiec Emerytura SA, after recently receiving final regulatory approval. AEGON initiated the transaction in June 2007 as part of a broader strategy to strengthen the company's businesses in Central and Eastern Europe.
"This acquisition significantly enhances our position in the Polish market," says Gabor Kepecs, member of the management board responsible for AEGON's operations in Central and Eastern Europe. "AEGON is now Poland's sixth-largest pension fund company, with nearly 800,000 members and almost EUR 1.8 billion in pension assets under management."
In recent years, AEGON has significantly expanded its pension business in Central and Eastern Europe. Currently, AEGON has more than 2 million pension fund members in the region, with EUR 4 billion pension assets under management, and businesses in six countries—Hungary, Poland, the Czech Republic, Slovakia, Romania and Turkey. AEGON has been present in Poland since 2005, and has both pension and life insurance activities in the country.
Under the terms of the transaction, AEGON has acquired BRE Bank's stake in PTE Skarbiec Emerytura for EUR 117 million, in line with the estimate given in June 2007.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access