Raiffeisenbank, the Austrian bank group, is positioning itself to take advantage of the expected boom in Russia's pension market by acquiring full ownership of a non-state fund, Dobroe Delo for an undisclosed price.

Michel Perhirin, chairman of the managing board at Raiffeisen Moscow, said pension reserves under management of the Russian fund amount to 35 million roubles (€1m). Dobroe Delo was registered in 1994 and is one of the few Russian non-state funds actively working with private clients.