BTA Bank will combine two pension funds and a company managing pension assets, Bloomberg reports. The Kazakh bank had controlling stakes in the UlarUmit and BTA Kazakhstan funds and in pension asset manager, Zhetisy Management. BTA will control the new entity, called UlarUmit, following the completion of the transaction. The merger will be conducted in two phases, with the BTA Kazakhstan Pension Fund merging with the UlarUmit pension fund, before both will be joined by Zhetisy, adds Global Pensions.
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