7 banks account for only 9% of mandatory pension market

Two months after the start of the campaign to sell pensions, the seven mandatory private pension fund management companies (pillar II) established by banks total just 9.2% of the number of clients that have joined a fund so far, reveals data centralised by ZF. This resembles the situation at the end of the first month, when the seven companies totalled only 8% of the number of clients on the market. Although the figure may seem small, it is in line with the sales force of the banks, which totals only 8% of the number of marketing agents on the market. In other words, statistics do not look so good for banks, which started out their campaigns with ambitious targets. Halfway though the campaign, after 2.25 million employees aged below 45 joined a fund, the banks only managed to attract 205,440 individuals. The total market by January 17, when the initial campaign is scheduled to end, is now estimated at 3.5 million clients. In other words, 66% of targeted clients have already signed. The companies established by insurers have attracted most of the market (90%), whilst banks settled for the rest. The highest-ranked among banks is BT Aegon, a joint venture between Banca Transilvania and Dutch-based Aegon, which is seventh among pension managers, after two months, with 65,391 clients and a 2.9% market share.