The transaction is subject to regulatory approvals by the Financial Supervisory Authority.

The World Bank has been involved in Romania's private pension system since its inception, beginning with the theoretical model in 1994 and continuing until implementation in 2006-2008. After almost 18 years of contributions to the Pillar II and Pillar III private pension systems, pension funds have accumulated over 200 billion lei in assets under management.

"The World Bank's involvement in Romania has been since the beginning of the private pension system, and today it is even more important as Pillar II is gradually reaching the point of offering benefits to participants who reach retirement age," said Marius Rațiu, President of Management Board of Carpathia Pensii. "For us, the partnership between Vienna Insurance Group and IFC brings added confidence and supports development initiatives, digitalisation of operations and loyalty to our clients."

"Private pensions empower people to save for the future, strengthen financial stability, and spur capital market development," said Vittorio Di Bello, IFC's Director of the Financial Institutions Group for Europe, Latin America and the Caribbean. "Our planned investment in Carpathia Pensii aims to broaden access to voluntary pensions and support market development through digital innovation and financial literacy."