BT Aegon to Launch New Private Pension Fund in Romania

BT Aegon, a joint venture between Banca Transilvania and Aegon, has received authorization to launch Vital, its new privately administered pension fund. The company is one of the first in Romania to receive such authorization from Romania"s CSSPP, the body overseeing implementation of the country"s new mandatory privately run pension system.

BT aegon will begin offering private pensions to customers in Romania from September 17th. Based in Cluj-Napoca, BT Aegon has a share capital of approximately 7 million EUR. BT Aegon was officially registered as a pension fund administrator last June. Vital"s prospectus setting out its full range of pension products and services has also been formally approved by the CSSPP.

Silvia Sirb, CEO of BT Aegon: "We would like to become an important player in this market and will offer our customers excellent service and good investment performance. With the help of strong and reliable partners, BT Aegon is ready to start selling and to make a success of VITAL, our new private pension product."

The partnership with Aegon will strengthen Banca Transilvania"s position in the Romanian market. Banca Transilvania is one of Romania"s five largest commercial banks by total assets. Currently, it has more than 400 branches across the country and employs over 5,200 people.

For Aegon, the partnership with Banca Transilvania represents an important step in expanding its businesses in Central and Eastern Europe. A leading provider of pensions in the United States, the Netherlands and the United Kingdom, AEGON currently has operations in five countries in the region - Hungary, Poland, the Czech Republic, Slovakia and Romania.