Банкеръ Weekly

Briefs

UNCERTAINTIES REGARDING DOVERIE PENSION INSURANCE COMPANY REMAIN

Amendments to the regulations of their universal and professional funds were approved by the general meeting of shareholders in the Doverie Pension Insurance Company, held on September 25. People, ensured by the fund, shall not be paying in future any taxes for additional information about their individual insurance accounts. Under the agenda of the general meeting, the sharehodlers had to vote for an increase of the company's capital as well. We postponed the discussion of that item for our next meeting, scheduled for November, Doverie's Executive Director Daniela Petkova explained to the BANKER weekly.Doverie is currently holding negotiations with Bulgarian Holding Company (BHC) - the majority owner of the Bulgarian Pension Insurance Company (BPIC) - for purchasing its share participation in the latter. If the deal is effected, the tow pension companies will merge and will become the largest structure on the local pension insurance market. More than 420,000 people have so far chosen Doverie's universal fund, while that of the BPIC has been preferred by 100,000-plus. Simple calculations show that a joint business of an eventual new company after such a merger would cover more than 50% of the local pension insurance market. The Commission for Protection of Competition has already blessed' such a deal.

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