FAS clears KIT Finance to purchase 100% of Gazfond Pension Accumulation with provisos
MOSCOW. Nov 9 (Interfax) - The Federal Anti-Monopoly Service (FAS) has cleared KIT Finance Pension Administrator to acquire 100% of shares in the Gazfond Pension Accumulation nongovernmental pension fund (NPF), but obligated the buyer to ensure competition on the mandatory pension insurance market in Krasnoyarsk territory, Yamalo-Nenets autonomous district, and the Altai republic, the FAS said in a statement.
The deal will further concentrate the market in NPF mandatory pension insurance services in those regions, where KIT Finance occupies a leading position, the FAS said.
"In other words, the deal being examined may constrain competition on the market in NPF mandatory pension insurance services" in those three regions, the FAS said.
For that reason, the FAS has ordered KIT Finance not to conclude any agreements with economic entities in Krasnoyarsk territory, Altai or Yamalo-Nenets autonomous district, including agreements on distribution of marketing materials, that might result in the transfer to KIT Finance of the pension accumulations of employees at those organizations.