Aegon has completed its acquisition of the Polish pension company PTE Skarbiec Emerytura SA, after receiving final regulatory approval recently. Aegon initiated the transaction in June 2007 as part of a broader strategy to strengthen the company’s businesses in Central & Eastern Europe.
“This acquisition significantly enhances our position in the Polish market,” said Gábor Kepecs, member of the Management Board responsible for Aegon’s operations in Central & 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 & Eastern Europe. Currently, Aegon has more than two 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.