Sep 25 2011 |
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KIPCO's new personal pensions company receives official approval
''Takaud will provide consumers with real choice for the first time' says company chairman
Takaud Savings & Pensions is incorporated in Bahrain and aims to launch its initial product range in selected MENA countries at the beginning of next year.
In March last year, KIPCO signed an agreement with Munich Re - one of the world's leading reinsurers - to support the development of Takaud's long-term savings and pension products.
KIPCO's Group Chief Operating Officer and Takaud Chairman, Mr Samer Khanachet, said the announcement by the Central Bank of Bahrain marked an important milestone in the development of the region's personal finance industry:
H.E. The Governor of the Central Bank of Bahrain , Mr Rasheed M. Al Maraj, said:
"It is a pleasure to see KIPCO enter into this leading field and to provide pension services and long-term savings products in the Middle East through a pension company licensed in Bahrain. The Central Bank of Bahrain is supporting efforts in this area by providing a suitable environment for the growth and prosperity of these companies."
-Ends-
The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with consolidated assets of US$ 19.6 billion as at June 30, 2011. The Group has significant ownership interests in a portfolio of over 70 companies operating across 26 countries. Its main sector focus is financial services, insurance and media. Through its core companies, subsidiaries and affiliates, KIPCO has interests in the real estate, industrial, education and management advisory sectors.
Further information:
Robert Hipkins
Group Communications Director
O: +965 2245 4286
M: +965 6635 6969
E: rhipkins@kipco.com
Eman Al Awadhi
Assistant Manager
O: +965 1805 885 ext. 1615
M: +965 6033 6399
E: eman.alwadhi@kipco.com
© Press Release 2011
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