Promsvyazbank re-enters Russia's pension segment – Kommersant

Russia-based Promsvyazbank PJSC has acquired local non-state pension fund NPF Gefest from Anatoly Sedykh, the owner of United Metallurgical Company, Kommersant reported Feb. 3, citing several market sources.

The estimated price of the transaction amounted to between 400 million rubles and 600 million rubles, equivalent to roughly 10% of the fund's pension assets, according to the newspaper's sources.

In addition to Promsvyazbank, Russian investment group Region-Rossium and JSC Russian Agricultural Bank were also interested in purchasing the pension fund.

State-owned Promsvyazbank, which specializes in providing financial services for the Russian defense sector, was looking for an opportunity to acquire a pension fund for the last few years, but the previous attempts fell through. The lender already owned a pension fund before it was bailed out by the Russian central bank in 2017.

As of Feb. 2, US$1 was equivalent to 76.41 Russian rubles.