Budushcheye Financial Group acquries NPF Social Development

1 February 2017 O1 Group and Fletcher Group Holdings Limited have closed a transaction for the acquisition by investment holding O1 Group of 100% of shares in the non-state pension fund Social Development (“NPF Social Development”). The transaction has been approved by the Federal Antimonopoly Service and the Central Bank of the Russian Federation. NPF Social Development will be transferred to BUDUSHCHEYE Financial Group (“FUTURE Financial Group”), becoming the fourth fund within the group. BUDUSHCHEYE Financial Group represents the pension business of O1 Group. NPF Social Development will subsequently be merged with the Group’s largest fund, NPF BUDUSHCHEYE, which ranks second in Russia by the number of insured persons and amount of pension savings under management.

NPF Social Development is active in mandatory pension insurance and private pension provision, including a corporate pension program for the employees of NLMK Group, one of Russia’s largest steelmakers. Total pension savings under management by the fund are 7.6 billion rubles and pension reserves total 3 billion rubles. The change in ownership of NPF Social Development will not affect is service to customers. All terms and conditions of pension contracts, including calculation and accrual of investment income, and the allocation and payment of pensions, will continue to operate as before.

Following the transaction the volume of pension savings under management of funds within BUDUSHCHEYE Financial Group is 268 billion rubles and the number of insured persons is in excess of 4.1 million.

The other three non-state pension funds of BUDUSHCHEYE Financial Group (in addition to NPF Social Development) are: NPF BUDUSHCHEYE (formerly NPF BLAGOSOSTOYANIYE), which in 2016 merged NPF Stalfond, NPF URALSIB and NPF Nashe Budushcheye; NPF Telecom-Soyuz; and NPF Obrazovaniye. BUDUSHCHEYE Financial Group now holds more than 13% of the Russian pension market by the number of insured persons and more than 12% by volume of pension savings.

Marina Rudneva, the CEO of BUDUSHCHEYE Financial Group, commented:

“The inclusion of NPF Social Development in the perimeter of BUDUSHCHEYE Financial Group matches our strategy for expansion of market share. Accession to our flagship fund, NPF BUDUSHCHEYE, with its experience and expertise, will ensure that the customers of NPF Social Development obtain the best levels of service and gain access to new products in the sphere of funded pension insurance."

Galina Guth, member of the Board of Directors of Fletcher Group Holdings Limited said:

" BUDUSHCHEYE Financial Group is a large structure with an open and transparent management system. Its funds are included in Russia’s deposit insurance system. NPF Social Development can now look forward to efficient development in compliance with all requirements of the regulator and the law."


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