OFE’s foreign stock purchases increase

Poland’s business entity that manages its pensions, the Open Retirement Fund (OFE), announced on Monday that it had sold PLN 382 million of its shares, while at the same time had purchased PLN 247 million in foreign shares, Haitong Bank had reported in a press release. The activity is part of the Ministry of Finance’s 2016 plan to convert much of the OFE to mutual investment funds in order to increase their value. Of the PLN 247 million, the largest purchases were made by MetLife and Aviva, at PLN 197 million and PLN 66 million, respectively.