Банкеръ Weekly



I intend to popularize the experience of Bulgarian pension insurance reform and I hope it will be adopted in Russia as weel, said to journalists Michail Berejnoy, Chairman of the Supervisory Board of Lukoil Garant - Bulgaria pension insurance company. On January 31, 2001 the managers of the Russian oil company and their Bulgarian colleagues opened the office of their pension insurance company. The oil company has established a similar company in Moscow as well - Lukoil Garant. The newly registered pensions insurance company in Bulgaria is the only investment in the insurance branch, made by the Russian businessmen outside their own country.
Lukoil Garant Bulgaria received its licence for insurance activities in this country on November 30, 2000. Lukoil Bulgaria and Lukoil Neftochim are the shareholders of the newly licenced company, each owning 50% of its shares. Lukoil Garant Bulgaria was established in August 2000. That was the reason for the delayed licence application and, subsequently, for its late granting. The company has already registered a volunteer and a professional pension funds. Within two weeks the company managers will probably obtain a licence for registering a universal pension fund.
Although it was late in appearing at the market, Lukoil Garant Bulgaria started actively attracting customers for its professional fund, and it also plans to actively attract customers for the universal fund. The company managers have prepared to offer to their clients all insurance services, stipulated by the law. The employees in all Bulgarian subsidiaries of Lukoil amount to about 10 000 people. These are the potential clients of the pension insurance company. Naturally it has the big chance to attract also the other workers of the chemical and petrochemical industry in Bulgaria. This can turn Lukoil Garant Bulgaria into one of the big players at the local insurance market.

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