UK-based United Capital has reached an agreement with Vienna Insurance Group (VIG) to purchase 92.58% stake in Bulgaria's private retirement fund, Doverie, for an undisclosed sum.
As per the regulatory requirements of Bulgaria and the UK, the required capital to complete the transaction will be given by United Capital, reported novinite.com.
Transfer of shares is pending receipt of Bulgaria’s Financial Supervision Commission.
United Capital main investor Sergei Mastyugin was quoted by the news agency as saying, "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."
Until the deal with VIG is cleared by the Bulgarian authorities, Lighthouse Capital will act as the chief shareholder in United Capital. Lighthouse was recently purchased by Mastyugin.
Magohamed Alikhanov, who recently joined the Lighthouse team, will administer the investments of United Capital in Doverie and the integration of Lighthouse experts in the current management of Doverie. He previously worked with Zurich Financial Services and Renova Group.
Bulgarian Daniela Petkova will continue to execute the responsibilities of CEO to maintain continuity in the Bulgarian retirement fund.
United Capital concentrates on insurance, retirement funds, and banking services.