BPAC received permission to merge into PAC Doverie

On 26.02.2003 the Council for Social Insurance at the Council of Ministers of the Republic of Bulgaria gave permission for the transformation of Bulgarian Pension Insurance Company by merging it into PAC Doverie. More than 150 000 people are insured in the funds managed by BPIC. 

 
In 2002, TBIH, the owner of PAC Doverie, acquired the majority stake of shares of BPIC and started the merger procedure, which went through the authorization of the CPC, a full examination of the documents by the State Agency for National Insurance, according to the requirements of the Law on Supplementary Voluntary Pension Insurance and the Regulation on the Conditions and Procedure for the Transformation of Pension Insurance Companies, Voluntary Pension Funds and Pension Funds for Supplementary Compulsory Pension Insurance. Following the Council's decision, the State Agency of Social Insurance also gave its consent to the merger of the compulsory funds of the BPIC into those of the PAC Doverie.

 
The new regulations of PAC Doverie provide that the insured and pensioners of the BPIC will retain their rights as they were under the contract concluded between them and the BPIC. BPIC shall inform its customers of the merger and their resulting rights.

 
As a result of the successful completion of this first-of-its-kind procedure on the Bulgarian financial market, the number of insured persons in PAC Doverie will reach 1,000,000 and the Company's market share will reach 42%.