ING overshoots 1m-client mark for mandatory pensions

ING’s mandatory private pensions fund (pillar II) overshot the 1 million-client mark on Wednesday, said company representatives. ING Pensii (ING Pensions) has increased its share capital by 91 million RON, with the total capital reaching 232 million RON (around 66 million euros). ING is leader of the market, ahead of Allianz-Tiriac, one month before the end of the initial campaign to join a pension fund. After the first three months of sales, ING had officially reported 962,000 clients, i.e. a 32.8% market share. From the time of the last reporting (Monday, December 17) until Wednesday, the company managed to exceed the 1 million-client mark, being the first mandatory pension manager to attain its original goal. The difference between ING and the second ranking company is of over 205,000 clients. Together, the top two players controlled 58.5% of the 2.93 million clients attracted by the 18 pension funds on the market. The initial campaign to join a mandatory private pension fund ends on January 17, 2008.