BT and Aegon target 15% of the mandatory private pensions market

BT Aegon, a joint venture between Banca Transilvania and the Dutch life insurance company Aegon, targets the top spot among the top five companies managing mandatory private pensions, announced group officials. BT Aegon aims for a 15% share of the mandatory private pensions market (the second pillar), and has no intention of operating on the market of voluntary private pensions (the third pillar). The company has recently obtained the necessary authorisation from the Private Pension Supervision Commission (CSSPP), after waiting to secure a licence for managing mandatory pensions on a list alongside another 12 companies. The new company’s share capital stands at approximately 7 million euros (almost 23 million RON), which is evenly spilt between BT and Aegon. The headquarters are to be based in Cluj, therefore joining Banca Transilvania in the city. Silvia Sirb, who previously held the position of branch manager at the Cluj-based ING BANK, for nine years, will head the company.