VTB Group completes merger of NPF Otkritie

MOSCOW. May 8 (Interfax) - VTB Pension Fund has completed reorganization by merging NPF Otkritie, the press service of VTB said.

The merged non-state pension fund has become the largest on the market, with total assets exceeding 1 trillion rubles and 10.46 million clients.

"During the merger, VTB Pension Fund switched to a single technological platform and integrated the best solutions and services of both funds into the operations. At this time, we could ensure the stability of functioning for all services, and have met all our obligations to clients on time, rendering the process as smooth as possible for them. In 2024, the merged fund is focusing on developing the long-term savings program, as well as on improving the quality of customer service and developing new digital services," the NPF's deputy CEO, Larisa Gorchakovskaya, said in the statement.

NPF Otkritie discontinued activities on May 3, 2024.

"Clients of the affiliated NPF Otkritie do not need to re-sign contracts on compulsory pension insurance and non-state pension provision. All clients may use the services on the VTB Pension Fund website, as well as in their personal accounts," according to the statement.

VTB Pension Fund began the process of merging NPF Otkritie in January 2024.