IFC, part of the World Bank, becomes a shareholder of PAC Doverie
Dear clients, pensioners, partners,
It is with great pleasure that we inform you of a new addition to the ownership structure of PAC Doverie AD. We welcome IFC, the International Finance Corporation, which has become a direct shareholder of the company with an almost 10% share.
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. They work in more than 100 countries, using their capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. (Link to IFC’s press release here)
In recent years, many countries and investors began considering an increased role of capital pension assurance as a way to stabilize pension systems and reduce the negative effects of a worsening demographic outlook on traditional pension plans.
The demographic outlook of Bulgaria is especially problematic, which is why it is particularly important for the second and third pillars of its three-pillar pension system to continue developing sustainably in order to provide higher pension income to the country’s aging population. We believe that IFC’s role as a shareholder in PAC “Doverie” will help in this process.
We at PAC Doverie are proud to have satisfied IFC’s demanding requirements, and we greatly appreciate the opportunity to take advantage of their global expertise in our future work. We have always strived to adhere to the highest management and business standards, but we are also sure that they can be even higher.
The growing prevalence of digital solutions in the global business environment and the implementation of improved corporate responsibility and investment and environmental policies are two areas where we will, in the future, rely on IFC’s support.
IFC’s investment in PAC Doverie was made in the form of a direct purchase of shares of the company from ATBIH GmbH, which is 100% owned by VIG, which remains the majority shareholder of Doverie with an almost 83% share.
Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) is the leading insurance group both in Austria and in the entire Central and Eastern European (CEE) region. Around 50 insurance companies in 30 countries form a Group with a long-standing tradition, strong brands and close customer relations. The more than 25,000 employees in the VIG take care of the day-to-day needs of more than 22 million customers. VIG shares have been listed on the Vienna Stock Exchange since 1994, on the Prague Stock Exchange since 2008 and on the Budapest Stock Exchange since November 2022. The VIG Group has an A+ rating with stable outlook by the internationally recognised rating agency Standard & Poor's. VIG cooperates closely with the Erste Group, the largest retail bank in Central and Eastern Europe. (Link to VIG’s press release here)
We believe that the partnership between these two large organizations, IFC and VIG, as well as CITUB and the remaining shareholders of PAC Doverie, in addition to the continuing efforts of the management team, will combine to create an even higher sense of satisfaction and security among the company’s more than 1 200 000 clients.
From the management team of PAC Doverie