Dutch insurance specialist Aegon has completed the acquisition of the Polish pension fund management company PTE Ergo Hestia following the recent approval by the Polish Financial Supervision Commission and the Office of Competition and Consumer Protection.
Under the terms of the transaction, the company will be renamed PTE Aegon Poland.
This acquisition will strengthen Aegon’s overall presence in the Polish financial services market. The central and eastern European region continues to be a key market for Aegon and our recent business development activities demonstrate our long-term commitment to the area, said Gabor Kepecs, CEO of Aegon central and eastern Europe.
We are very pleased to have received official approval, added Michal Biedzki, CEO of Aegon Poland. We welcome the opportunity to add the pension management activities of PTE Ergo Hestia to the life insurance business of Aegon Poland.
Other activities in Poland include Aegon’s previous acquisition of a life insurance company in October 2005. With this latest addition, Aegon will further strengthen its growing pension capability in this region and will manage accounts of approximately 1.2 million customers through this geographic area.