Bulgaria's Top Private Pension Fund Sold to UK Co

Business | August 28, 2013, Wednesday // 17:17|  views

Doverie, the largest private retirment fund in Bulgaria, was acquired by United Capital PLC, photo Sofia Press

The UK company United Capital PLC has inked the final agreement with Vienna Insurance Group, VIG, to acquire 92.58% stake in Bulgaria's biggest private retirement fund Doverie.

The company announced the news on Wednesday.

The financing of the deal under the requirements of regulators in Bulgaria and Great Britain will be provided by United Capital PLC.

In a statement, United Capital PLC say they are fully aware of the huge obligation they now have before Bulgarian people and Doverie's (Trust) clients and pledge to manage the company prudently, effectively, and according to the principles of social responsibility and the laws of Republic of Bulgaria and the European Union.

United Capital PLC further commits to present ASAP their long-term strategy for the development of the pension fund before the Bulgarian watchdogs to prove the full transparency of the deal.

Тhe trasnfer of shares must be approved by Bulgaria's Financial Supervision Commission.

"Business continuity is essential. We will follow the same principles of ethical and socially-oriented business applied to all our activities, and are confident that this will be done in Doverie. With the acquisition of new assets one of the key factors for success is to keep the existing team in place – i.e. the people who know the nature of the business, and to increase the innovative skills and experience of the staff from other companies in the group to reach new heights," said Sergei Mastyugin, the main investor in United Capital PLC.

Mastyugin, who is said to have extensive experience in retirement funds and the insurance sector, recently acquired Lighthouse Capital, which is one of the leaders on the insurance market in Central and Eastern Europe.

Lighthouse Capital will be the main shareholder in United Capital PLC until the deal with VIG is finalized by Bulgarian authorities.

Magohamed Alikhanov, introduced as internationally-known expert in insurance and management of retirement funds, has recently joined the Lighthouse team, after working for Zurich Financial Services and Renova Group. He will manage investments of United Capital PLC in Doverie and the integration of Lighthouse experts in the current management of Doverie.

In order to maintain continuity in the Bulgarian retirement fund, Bulgarian Daniela Petkova will remain at the post of CEO as United Capital PLC say they give her high marks for her leadership and personal contributions to the company's advancement in the last 12 years.

The team will keep their jobs as well and will be joined by new members to increase effectiveness.

United Capital PLC has been founded in Great Britain to manage assets and investments in Eastern Europe.

It focuses on insurance, retirement funds, and banking. Its listed goals are the offering to its clients in the region a large spectrum of services and profitable and secure bank, insurance, and pension products.

Currently, United Capital PLC is negotiating with several European and American investors to increase its shareholders' base and to improve its services even further.

Russian Sergey Mastyugin, the main shareholder in United Capital PLC, is also the majority owner of Asia Trade Management LTD, member of the Supervisory Board of JSCB INVESTBANK Open-end JSC (Russia) and owner of Investment Finance House "Postum" (Russia).

His business interests include construction, real estate, investments, logistics, industry, and financial consulting in Russia, Europe and the USA.

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Tags: Daniela Petkova, Lighthouse Capital, Sergey Mastyugin, assets, VIG, Vienna Insurance Group, shareholders, United Capital PLC, doverie, private retirement fund, private pension fund


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