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Sberbank of Russia

06/01/2021 | Press release | Distributed by Public on 06/01/2021 09:23

NPF of Sberbank reaches agreement to buy NSPF Renaissance pensions

JSC Non-state Pension Fund of Sberbank is acquiring a 100% stake in JSC NSPF Renaissance pensions, according to the agreement reached by their shareholders. The deal will be closed once regulatory approvals are obtained and other closing terms standard for deals like that are met.

Founded in 2002, NSPF Renaissance pensions has some 200 corporate customers, including some major international holding companies. Over 42,000 clients use the pension programs of NSPF Renaissance pensions, which has RUB 24.5 bn in assets.

As a result of the deal, NSPF Renaissance pensions clients will gain more confidence in stable and long-term cooperation with their pension provider, since Non-state Pension Fund of Sberbank has operated for 26 years, being a leader in non-state pension coverage. Other advantages include high-tech services and the availability of all customer services through a wide regional network of Sberbank branches.

The acquisition of NSPF Renaissance pensions will enable NPF of Sberbank to build its portfolio of corporate clients, which now includes some 800 companies, thus reinforcing its position in the market for corporate non-state pension funds.

JSC NSPF Renaissance pensions will remain a separate legal entity, at least for the transition period, which might last for at least a year, according to estimates made by both the parties. Any related decisions will be taken with the interests of the fund's clients and watchdog requirements in mind.

NPF of Sberbank's development strategy implies the fund will maintain and reinforce its leading positions in the Russian pensions market in both retail and corporate segments. We are primarily focused on organic growth. At the same time, we are looking into buying high-quality assets to develop the fund's corporate business vertical. NSPF Renaissance pensions is focused on corporate pension programs and has a stable portfolio of big international clients. We have rated this fund to be among the best buys in the market for non-state pension funds, and in part this is due to the good quality of its shareholders' management policy.

Natalya Alymova, Senior Vice President and Head of Wealth Management, Sberbank

NPF of Sberbank is a strong and proven participant on the Russian pension market. Renaissance pensions clients can be assured of a stable and long-term collaboration with a pension program provider with 26 years of history. We are pleased to be adding new clients to our portfolio, including large international companies, whose employees understand the value of corporate pension programs.

Alexander Zaretsky

CEO, NPF of Sberbank

I am certain that our new partner NPF of Sberbank will maintain the continuity of our individual approach to working with clients. A client-oriented approach and an exceptionally high level of service will remain unconditional priorities for our fund.

Elena Koroleva

CEO, Renaissance Pensions NPF