WARSAW, May 7 (Reuters) - The Polish unit of ING Groep has signed a letter of intent to sell its remaining 20 percent stake in local pension fund ING PTE to ING Continental Europe Holdings for 242 million zlotys ($80.3 million), giving ING CEH full control over Poland’s largest pension fund.
“This price will be adjusted for dividends paid by ING PTE for 2013 and 2014, the actual number of fund’s participants, who will declare to continue transferring some part of their pension contribution at the end of 2014, and the financial result for 2014,” ING’s Polish unit said in a statement.
The Polish pension system underwent an overhaul last year after Poland approved a new law that transfers all treasury bonds held by private pension funds to a state vehicle. That move will cut public debt, but critics say it amounts to nationalisation.
Poles now have to decide if they want to stay in the private pension fund system or move all their pension holdings to the state vehicle, ZUS.
($1 = 3.0142 Polish zlotys)
Reporting by Adrian Krajewski; Editing by Matt Driskill