PFS has changed its company name to Erste Financial Services GmbH

Portigon Financial Services (PFS) has changed its name: With immediate effect, the new subsidiary of the EAA will be known as “Erste Financial Services GmbH” (EFS, www.1fins.com). The EAA took over the service company in April 2016. Following consultation of the relevant boards and an evaluation of the legal conditions, the new name has now been entered in the commercial register.

The change of company name marks a further step by the EAA towards linking key services with its own organisation. The EAA and its subsidiaries EFS and EAA Portfolio Advisers (EPA) are focusing on their respective core competencies, thus ensuring the operational stability of the EAA. This is a key pre-requisite for continuing the winding-up of the portfolio. In order to effectively align the companies in terms of their core competencies, the EAA and EPA will take on a total of 36 employees – of around 500 employees currently working for EFS – on 1 July 2016.

“We are focusing on optimising our service for the EAA's portfolio in order to fulfil our statutory mandate to the greatest extent possible,” says the EAA’s board spokesman Matthias Wargers. As understood by the management board, the EAA’s wind-up mandate also includes, however, developing long-term prospects for subdivisions of the EAA Group.