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GVH approves merger of Premium, AXA private pension funds

Hungary's Competition Office (GVH) on Wednesday said it approved the merger of Premium Private Pension Fund with AXA Voluntary and Private Pension Fund.

AXA is the fifth largest fund in terms of private pension fund services while Premium is a small player with around 1% market share, GVH said, noting that of the two companies only AXA is providing voluntary pension fund services.

As a result of the merger, AXA's 8.2% market share of the private pension fund market in terms of assets and 6.2% market share in terms of the number of pension fund members will increase by only around 1%, GVH said. Premium's assets were managed by AXA Hungary Investment Fund Management already before the merger, the office added. There are 19 private pension funds and 65 voluntary pension funds in Hungary. (MTI-Econews)