PFA and Bankpension agree on a merger

Today, the merger between PFA and Bankpension was finally adopted, which means that the general meetings of Bankpension as well as PFA Pension have now confirmed the merger with PFA as the continuing company. The purpose of the merger is to achieve positive synergies for members and individual pension customers with both companies.

More than 97 per cent of the delegates and more than 98 per cent of the stakeholders were represented at the general meeting of Bankpension where the merger was adopted unanimously.

In connection with the today’s adoption, Allan Polack, Group CEO of PFA, says:

- I am very satisfied with the final adoption of the merger. PFA and Bankpension go well together when it comes to products, customers and business models. It is indeed due to these similarities that we will see an optimum exploitation of the economies of scale as a result of the merger. Economies of scale are central to the pension industry: The more people to pay the costs, the lower the costs will be which, in the end, will lead to a higher return on our customers' pension savings.

Bankpension also expresses great satisfaction with today’s merger. Lars Stouge, CEO of Bankpension says:

- We are pleased that the general assembly approved the merger with PFA. The merger will lead to financial advantages for Bankpension’s members and, at the same time, it will future-proof our members’ terms of pension and insurance cover.

The merger between PFA and Bankpension was adopted on the assumption that the relevant authorities give their final approval. The two parties in the merger expect that everything will be settled by the end of September.