Firms position to grab chunk of Polish pension funds
Article Abstract:
Local and international financial groups position to grab their share of the private pension-funds in Poland. Marketing campaigns of such companies as Amplico Life, the Polish subsidiary of American International Group Inc., and Cigna Corp.'s Polish life-insurance unit, Cigna Stu Zycie SA, have started. The entry of over 50 banks, insurers, labor unions and fund managers in the pension fund market is made possible via the three-tier structure that will start on Jan. 1, 1998. The three-tier setup will replace Poland's current pay-as-you-go system. All employers contribute under the first pillar, while the second pillar consists of mandatory private funds and the third pillar groups optional private funds.
Comment:
Poland: Local and international financial groups position to grab their share of the private pension-funds market
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Africa Israel, Bartimpex form construction ventures in Poland
Article Abstract:
PHZ Bartimpex SA of Poland and Africa Israel Investment Ltd., a real estate, tourism and financial group based in Israel, formed two joint ventures to develop hotels and motorways in Poland. The two companies have not specified financial commitments and investments. According to Aleksander Gudzowaty, who is the president of Bartimpex, the experience of Africa Israel in highway financing would be of significant contribution to the ventures. The $10-billion, 2,600-kilometer highway development in Poland has barely started because investors have been unwilling to shoulder the full cost of the development without government guaranties.
Comment:
Forms 2 joint ventures w/ PHZ Bartimpex SA of Poland to develop hotels and motorways in Poland
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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