AO Raiffeisenbank and BIN Group reached an agreement on the sale of ZAO NPF Raiffeisen and signed a set of binding documents on the deal. As required by applicable law, the parties [will file] a request to approve the deal with the Federal Antimonopoly Service and the Central Bank of the Russian Federation. The deal will be closed after the parties receive all necessary approvals from regulators.
As provided by the SPA, Raiffeisenbank will transfer to BIN Group’s ownership all the shares of ZAO NPF Raiffeisen issued in the course of re-organisation in 2014. The parties do not disclose the value of the deal.
«Raiffeisenbank entered the Russian pension market in 2004 implementing the concept of «financial supermarket», and for 10 years has supported and maintained its pension project. We think it was a rather successful experience,» says Chairman of the Managing Board of Raiffeisenbank Sergey Monin. «In today environment, however, when the pension market is going through the process of consolidation and integration of its players, we prefer to focus on our core business, i.e. the development of banking products for our corporate and retail customers. As a seller, we prefer to see the BIN Group and its shareholders as our successor in the further development of ZAO NPF Raiffeisen since they have earned the reputation of a reliable and professional participant of the Russian pension market.»
«I am convinced that pension market reforms in Russia will lead to a balanced system that will involve non-government pension funds. That is why, further expansion on the pension market is a strategic priority for the BIN Group. After the deal is closed, their number will rise by more than 200 000. We value the trust of our partner and guarantee that all ZAO NPF Raiffeisen’s obligations to its clients will be performed,» says Mikhail Shishhanov, co-owner of BIN Group. «ZAO NPF Raiffeisen is a company with a good track-record and a special culture that we value and will maintain in future.»
Changes in the shareholder structure will not in any way affect ZAO NPF Raiffeisen’s obligations to its clients, nor will require any re-signing of customer agreements. All conditions remain in full force and effect. The terms for calculation and accrual of investment income, receipt of pensions and redemption payments remain unchanged. AO Raiffeisenbank will continues to serve ZAO NPF Raiffeisen clients at its outlets and will act as a selling agent for pension contracts in future.
AO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 13th among the Russian banks in terms of assets, based on 1Q 2015 results (Interfax-CEA). According to the same Interfax-CEA data, AO Raiffeisenbank ranked 6th in terms of liabilities of individuals and 9th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 15 markets. In total, around 54,700 employees service 14.8 million customers through approximately 2,900 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 60.7 per cent of the shares, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.