NBS allows merger of pension funds Hypo and Garant

National Bank of Serbia (NBS) has announced that it issued the permit for merger of voluntary pension funds management companies Garant and Hypo.

According to the announcement by NBS, Hypo will merge with Garant and change name into - Hypo-Garant.

Upon the merger of the companies, Hypo fund will be merged with Garant fund and operate under the new name - Hypo-Garant.

Hypo-Garant fund will have about 23,000 members, about 3,000 of whom will be the members of earlier Hypo fund.

With the net assets of about 460m RSD, it will keep its fifth position in the market with the share of about 6%.

Following the issuing the permit for merger, total of eight voluntary pension funds management companies and nine voluntary pension funds will be operating in the market of Serbia.