Kipco to launch pensions unit in Bahrain
Kuwait, September 25, 2011
Kuwait Projects Co (Kipco), the country's biggest investment firm, said that its newly incorporated pension and savings company received approval from the Bahrain's central bank to begin operations.
'Takaud Savings & Pensions is incorporated in Bahrain and aims to launch its initial product range in selected Mena (Middle East North Africa) countries at the beginning of next year,' Kipco said in a statement on Sunday.
Takaud will launch personal pension and savings products, Kipco added.
Last year, Kipco signed a memorandum of understanding with Munich Re, one of the world's leading insurers, to provide the new Bahrain-based company with technical services and training.
'The Central Bank of Bahrain is supporting efforts in this area by providing a suitable environment for the growth and prosperity of these companies,' Rasheed Al-Maraj, Bahrain's central bank governor, was quoted as saying in Kipco's statement.
Kipco, with consolidated assets of $19.6 billion at June 30, 2011, owns stakes in 70 companies and operates in 26 countries. - Reuters