VTB to merge Otkritie NPF and VTB Pension Fund by end of April 2024

MOSCOW. Oct 26 (Interfax) - VTB plans to merge Otkritie NPF with VTB Pension Fund NPF by the end of April 2024, VTB Deputy Executive Board Chairman and CFO Dmitry Pyanov told reporters.

"We have actually decided to merge the two funds, to merge the Otkritie fund with the VTB fund," Pyanov said, clarifying that the merger would occur before the end of April next year.

VTB NPF had 311.7 billion rubles in pension savings and 31 billion rubles in pension reserves at the end of August 2023. There were over 179,000 clients enrolled in the non-state pension provision programs, and there were 2.9 million policyholders.

Otkritie NPF at the end of last year entered the perimeter of VTB as part of the assets of the Otkritie group, which the state bank had bought from the Central Bank of Russia (CBR). Pension savings in NPFs totaled 575.5 billion rubles and pension reserves totaled 72.4 billion rubles in the first half of the year. The fund has 6.9 million policyholders and clients enrolled in the compulsory pension insurance programs, and there are over 496,000 participants in the non-state pension provision program in Otkritie NPF.