The Vienna Insurance Group sold a 95% interest in its investment company Ringturm KAG to the Erste Group. In the future, Vienna Insurance Group will increase its domestic and foreign sales of Erste Bank products, and possibly also Erste Sparinvest products.
The acquisition of Ringturm KAG adds a further EUR 3.14 billion (mainly mixed funds) to the previous EUR 23.04 billion of assets under management by Erste Sparinvest (primarily bond funds). The two companies have total assets under management of EUR 26.18 billion, thereby raising market share by 2.5%, to 20.8%, and moving Erste Sparinvest well along the path to becoming number 1 among investment companies. Sparinvest currently has 150 employees. Ringturm KAG and its 19 employees will be managed by the Erste Group in the future, but will remain in existence.
