Aegon has completed the acquisition of the Polish pension fund management company PTE Ergo Hestia S.A. following the recent approval by the Polish Financial Supervision Commission (KNF) and the Office of Competition and Consumer Protection (OCCP). The company will be renamed PTE Aegon Poland. The agreement on the acquisition was announced on November 9, 2006.
"This acquisition will strengthen Aegon's overall presence in the Polish financial services market. The Central and Eastern European region continues to be a key market for Aegon and our recent business development activities demonstrate our long-term commitment to the area", says Gábor Kepecs, CEO of Aegon Central and Eastern Europe.
"We are very pleased to have received official approval", says Michal Biedzki, CEO of Aegon Poland. "We welcome the opportunity to add the pension management activities of PTE Ergo Hestia to the life insurance business of Aegon Poland."
Aegon previously acquired a life insurance company in October 2005, currently the third largest in Poland based on gross written life premiums*. With this new addition, Aegon will further strengthen its growing pension capability in Central and Eastern Europe and will manage the accounts of approximately 1.2 million customers throughout the region.
As of February 2007, PTE Ergo Hestia managed PLN 2.7 billion (EUR 699 million) in assets and had 369,856 members.
