Premium Private Pension Fund will merge with AXA Voluntary and Private Pension Fund on July 1, AXA announced on Monday.
Following the merger, AXA's market share in terms of the number of fund members will grow almost 2% to 8%, while the number of its members will rise 25% and the size of its assets will grow 17%.
The two pension funds attributed the decision to recent changes to investment regulations as well as economic considerations. Any savings resulting from the merger will be spent on developing the new pension fund's registration system and the quality of customer service, the statement said. (MTI-Econews)