One of world's largest financial corporations interested in establishing private pension funds in Azerbaijan

Business Materials 9 July 2011 16:29 (UTC +04:00)

Azerbaijan, Baku, July 9 /Trend, A.Akhundov/
The representation office of one of the world's largest financial corporations ING in Turkey, ING Emeklilik does not exclude the possibility of participation in private pension funds, which are planned to be established in Azerbaijan.
"We focus also on pensions. The creation of private pension provision system makes it attractive for us," the company's director general Jetse Frederik de Vries told Trend.
According to the state program on the pension system development in Azerbaijan for 2009-2016, the legal framework for private pension funds will be set up in 2015, State Social Protection Fund (SSPF) Chair Salim Muslimov told journalists earlier.
"I believe in a fantastic future of insurance in Azerbaijan. Azerbaijani International Insurance Forum [held in Baku on July 7-8] gave us the opportunity to study the market and explore investment opportunities in Azerbaijan. I was pleasantly surprised by the relatively underdeveloped insurance sector and the wealth of the country. I think it is a great opportunity for us," said de Vries.