BNP Paribas Investment Partners (BNP Paribas IP), TransKreditBank (TKB), and KIT Fortis Investments have announced the name of KIT Fortis Investments has been changed to TKB BNP Paribas Investment Partners (TKB BNP Paribas IP). The 50% stake currently owned by KIT Finance Holding Company will be transferred to TKB later this year. TKB BNP Paribas IP will then become a 50/50 joint venture between BNP Paribas IP and TKB.
As at 31 May 2010, TKB BNP Paribas IP has €2.1bn assets under management. Assets under management have doubled from their pre-crisis levels at the end of 2007, and further high growth is expected from the domestic institutional and offshore business lines in particular. The renaming is part of plans by both shareholders for further expansion of the company both in Russia and abroad.
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