Generali to increase mandatory pension fund capital to €40 mln

This is the third increase this year, after the fund administrator’s capital rose to €7 million from €4 mln, based on a January 30 shareholder decision. Furthermore, on March 3, a new capital increase was decided by shareholders, up to €20 mln.

The company’s major shareholder is Generali Holding Vienna, with 99.99 percent of shares, and Generali Asigurari, the group’s local insurance subsidiary.

“The capital increase is not only necessary to operate properly, but also a clear signal by which the Generali group reasserts its decision to be an active and strong operator on the private pension market,” the company’s General Manager, Ioan Vreme, said.

Generali Fond de Pensii is the third-largest mandatory private pension fund locally, with a 9.37 percent market share.