Big banks enter pensions business

Almost all big banks on the domestic market have become involved in the private pensions system, a business that is expected to attract assets worth tens of billions of euros in the decades to come. Credit institutions such as BCR, BRD-SocGen, ING, Bancpost, Banca Transilvania, Raiffeisen, OTP and Romexterra have been authorised either to manage mandatory or voluntary pensions independently, through companies they own, or to be the depositaries for the assets of pension funds. BCR, the largest bank in Romania, has received the necessary approval of the Private Pensions Supervision Commission (CSSPP), both to be a manager and depositary of capital for private pension funds from the 2nd pillar (mandatory) and the 3rd pillar (voluntary). BRD-SocGen, the second largest lender in the system in terms of assets received authorisation from the CSSPP as a depositary for pension funds, whilst simultaneously receiving the approval to set up a company involved in managing mandatory pensions. The Dutch at ING did not miss out on the opportunity to enter the private pensions market, either. The group’s life insurance company already has two voluntary pension funds, with the bank waiting to be licensed as a mandatory private pension fund manager.