August 30, 2019 / 2:00 PM / 21 days ago

Russia's VEB to buy blocking stake in non-state pension fund Blagosostoyanie

MOSCOW, Aug 30 (Reuters) - Russia’s state development bank VEB plans to buy a blocking stake in one of the country’s biggest non-state pension funds, Blagosostoyanie, VEB’s chairman Igor Shuvalov told reporters on Friday.

Blagosostoyanie has more than 1.3 million clients. The fund’s biggest shareholders are Gazprombank, Russian Railways and the Russian Agriculture Bank.

Shuvalov said that the deal is seen taking place in one to two months.

VEB manages state pension funds on behalf of Russia’s Pension Fund.

Reporting by Darya Korsunskaya Additional reporting by Gabrielle Tétrault-Farber and Gleb Stolyarov Writing by Katya Golubkova; Editing by Kirsten Donovan

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