Russian pension funds to merge

MOSCOW, July 20 (UPI) -- Two major Russian banks are planning to merge their pension funds, RosBusinessConsulting reported Monday.

Vneshtorgbank president, Andrey Kostin, told journalists that his bank planned to merge its own pension fund with that of the Vnesheconomicbank.

Kostin said the merger of the two pension funds would be carried out within the framework of pension reforms approved by Russian President Vladimir Putin, the news agency said.

Kostin also said that Vneshtorgbank had accrued great experience in dealing with other pension funds around the world. It had been negotiating with the pension funds of foreign states for a long time, especially in Latin America, he said.