Prima Pensie, set up by the Slovenia-based Prva company, expects to attract 350,000 customers for its new compulsory private pension fund and aims to account for 10% of the market.
The company has been studying the Romanian market closely for 3 years waiting for pension reform. When the wheels of reform began to be set in motion, the Slovenian financial group decided to enter the market by setting up Prima Pensie, which will manage mandatory private pensions (pillar II). Up until now, the Slovenian company is the only foreign company to voice an interest in the Romanian private pensions market.
"In the next four months, the focus and activities of the Prva group will concentrate on the launch of mandatory private pensions in Romania," says Alenka Znidarsic Kranjc, CEO at the group.
Prva is currently listed on the Slovenian stock exchange, whilst the European Bank for Reconstruction and Development (EBRD) owns 20% in it. The company's other two shareholders are both Slovenian firms.
Since arriving on the market several months ago, Prva has already employed 80 people throughout the country, who will coordinate territorial operations for the newly formed company.
"In the past two months, we've been building our network. Now, we've taken the final step in the race for getting the necessary license to manage a mandatory pension fund and estimate we'll be ready to start at the end of July," believes Damjan Mencej, chairman with Prima Pensie company.
Mencej has been working in Romania for four years and was one of the founders of KD Investments asset management company. The domestic company created by Prva is already in the final phase of authorisation along with several other contenders. At present, 13 companies are on the waiting list to be licensed as mandatory pension fund managers.
The Slovenians say they will compensate th
