December 22 (SeeNews) - The International Finance Corporation (IFC) has acquired around 10% of Bulgarian pension fund Doverie, a subsidiary of Austria's Vienna Insurance Group (VIG), in a drive to strengthen the private pension provision in the country, VIG said on Thursday.
IFC’s investment in Doverie, the value of which was not disclosed, is part of its plan to improve the pension system in the Central and Eastern Europe (CEE) market, VIG said in a press release.
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The pension and insurance industry in Bulgaria is crucial for addressing the strain on state pension financing caused by demographic changes in CEE and for preventing elderly poverty, the company added.
IFC will support Doverie in the technical expansion of its planned digital business activities and the use of digital channels to attract new members, it added.
Doverie is the largest Bulgarian pension assurance company, with a market share of 25%, VIG said. As of mid-2022, it managed assets of around 2.3 billion euro for 1.2 million clients.
Vienna Insurance Group held a stake of around 93% in Doverie prior to the deal.
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