ING Group & Bank Slaski to create pension fund

The two have also requested to open a pension fund to be called the National-Nederlanden Polska (NNP) fund. ING Continental Europe Holdings would hold an 80% stake in the venture, while Bank Slaski would have the remainder. The starting capital for the fund is estimated at zl. 16 million and would be raised to zl. 134 million when the fund is operational early next year. The new company hopes to use the existing service outlets of both National-Nederlanden and Bank Slaski branches. This is the sixth application to be forwarded to the UNFE. (Rzeczpospolita, Aug 8-9, page 9)