The Czech National Bank has awarded a licence to Penzijní fond Komerční banky for the business of KB Penzijní společnost, a.s. This marks the formal completion of the administrative process preceding the launch of business in the reformed pension system on 1 January 2013. At the same time the Czech National Bank has granted its approval for the operation of non-state pension schemes through the transformed fund. The fund will continue to hold the current agreements on government-subsidised pension schemes.

The Komerční banka Group is now ready for the start of the pension reform. I believe that with its new offering, Komerční banka will remain the leader in savings and investments supporting the Group’s clients in accumulating provisions for their retirement age,” said Pavel Jirák, Penzijní fond Komerční banky Chairman and Executive Director.

Beginning in January 2013, KB Penzijní společnost will offer systematic savings for pension in the second and third pillars of the pension system. For the Komerční banka Group, its offering will be one of the strategic products.

The Komerční banka Group’s and Penzijní fond KB’s long-term results in savings for retirement are also appreciated by experts in other countries. Penzijní fond Komerční banky has retained its last year’s title of The Best Pension Fund in the Czech Republic awarded by the World Finance international magazine, and also the award of the same name given by the UK-based Global Banking & Finance Review financial website.