Nordea takes over Sampo
Nordea has signed an agreement to purchase Sampo's Polish life and pension companies for EUR 95 (zł.383) million. The transaction is expected to be completed in the fourth quarter this year following approval by the Insurance and Pension Funds Supervisory Commission (KNUiFE) and the Anti-Monopoly Office. Through the acquisition Nordea more than doubles its customer base in Poland to 925,000.
Most of the transaction money will be spent on Sampo's PTE SA, which is fifth out of is open pension funds in Poland. The 'second pillar' of the insurance market is a novel area of operation for Nordea. With PTE SA, Nordea takes over 556,000 active pension premium payers and assets worth zł.2.4 billion.
Allan Polack, Nordea Life & Pension's CEO is very optimistic about the purchase: "The second pillar of the pension system is one of the fastest developing segments of long-term savings market in Poland. Its expected annual growth rate amounts to 20 percent. The new pensions system assures a regular monthly inflow of contributions for the fund. Moreover, it is expected that Poland will register a steady growth of GDP, which will translate into the development of the second pillar and an increase in demand for long-term savings products,"
Nordea operates through three business areas: retail banking, corporate and institutional banking and asset management and life.
Most of the transaction money will be spent on Sampo's PTE SA, which is fifth out of is open pension funds in Poland. The 'second pillar' of the insurance market is a novel area of operation for Nordea. With PTE SA, Nordea takes over 556,000 active pension premium payers and assets worth zł.2.4 billion.
Allan Polack, Nordea Life & Pension's CEO is very optimistic about the purchase: "The second pillar of the pension system is one of the fastest developing segments of long-term savings market in Poland. Its expected annual growth rate amounts to 20 percent. The new pensions system assures a regular monthly inflow of contributions for the fund. Moreover, it is expected that Poland will register a steady growth of GDP, which will translate into the development of the second pillar and an increase in demand for long-term savings products,"
Nordea operates through three business areas: retail banking, corporate and institutional banking and asset management and life.
