Nordea's expansion plans at last take a step forward with Sampo acquisitions

The initial agreement concerning the takeover of PTE Sampo pension fund and life insurer Sampo TUnŻ was signed back in June. Sampo will receive for both companies EUR 95 million, which means that the company will lose around EUR 83 million, as on entering Poland Sampo paid for them EUR 177.7 million. Nordea believes that the two firms will enable it to expand in the pension funds sector which, according to the Swedish group, is very attractive. "The second pillar of the pension system is one of the most rapidly expanding segments of the long-term savings market in Poland. It is expected that this segment's growth rate will be 20% per year," emphasized Allan Polack, president at Nordea Life & Pensions. The company estimates that the acquisition will enlarge the number of its clients to around 1 million. (Parkiet, p. 6) A.F.