New voluntary pension fund DDOR Garant from September - Merger of DDOR Penzija Plus and Hypo Garant

- Voluntary pension funds DDOR Penzija Plus and Hypo Garant will operate as one in the future - people in these funds announced today (June 23, 2010).

The new fund and management company will operate under the name of DDOR Garant. According to the joint statement, the aim of the merger is strengthening of the market position.

DDOR Garant will have over 57,000 members and, according to that criterion, it will be the second largest voluntary pension fund in Serbia.

With the net property of about 1.73 billion dinars, DDOR Garant will start doing business with the market share of 21%.

Upon formal merger, which is expected in September, there will be eight funds and seven management companies in the voluntary pension funds market in Serbia.