Kuwait's KIPCO gets Bahrain's nod for pensions unit

Kuwait’s KIPCO gets Bahrain’s nod for pensions unit

Takaud to launch products beginning of 2012; Firm to introduce pension, savings products

September 25, 2011 9:55 by Reuters

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. (Reporting by Eman Goma, Editing by Dinesh Nair)