UniCredit has announced the signing of a binding agreement with regard to the merger.

Pioneer Investments and Santander Asset Management (SAM), together with divisions of the private investment companies Warburg Pincus and General Atlantic join forces into one of the largest asset management companies in the world.

After the preliminary agreement from April, a relevant binding agreement was signed. The companies expect to receive the regulatory approvals on the markets where they operate. The merger will be finalized in 2016.

Thus the newly formed Pioneer Investments will manage assets for a total of 400 billion euro. The company will be one of the 35 largest management companies globally and will enter the top 10 in Europe in terms of assets.

"The cooperation between Pioneer Investments and UniCredit remains unchanged under the current parameters. We will keep working without changing the terms and conditions regarding fees, commissions, etc. with our clients in Bulgaria in accordance with the concluded agreements", Yavor Achev, Manager of Pioneer Investments for Bulgaria, said.

The partnership between the two companies will result in better diversification of the business in terms of investment strategies, distribution channels and market allocation. The cash flow of the two companies for last year was 25 billion euro in total.

The combined Pioneer Investments will be represented in over 30 countries, among which there are established regions such as North and Latin America, and will have a leading position in Europe. The new asset management company will also have better opportunities for growth in the markets where it operates.

Pioneer Investments

Pioneer Investments is a global asset management fund with presence in 28 countries and an experienced team of over 2000 employees, incl. more than 350 investment professionals. Pioneer is a world famous company, which manages investments on the leading global capital markets.

Pioneer manages assets for the amount of 225 billion euro. Last year the net sales of the company were over 13 billion euro, which ranked it in the top 5 in Europe and top 10 in the world.

Santander Asset Management

Santander Asset Management is a global asset manager with strong presence in Europe and South America. It is represented in 11 countries and has assets for 172 billion euro distributed in various investment instruments: investment and pension funds, institutional mandates.

Santander Asset Management has more than 755 employees globally, of whom about 220 are professionals with experience of over 10 years in the asset management. The investment process, the analytical capacity of the local teams and the strict risk management are some of the distinctive features of the company. It has an in-depth knowledge of the market and can meet its clients' needs.

More information for media:

UniCredit Bulbank, Identity & Communications Department

Viktoria Blajeva, Phone: + 359 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch

Magdalena Ivanova, Phone: + 359 2 9232 528, nbhebmfob/jwbopwbAvojdsfejuhspvq/ch