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Aug
10
Partnership between AXA and BNP Paribas Renewed
Posted on Aug 10, 2010 by Sergio Ulloa (G+)
French financial services firm BNP Paribas and Paris-based AXA Group have mutually agreed to renew their long-standing agreement, dating back to December 2005, through various industrial projects for an additional three years. The recently signed new agreement will be automatically renewed in an annual basis. The AXA Group is a global provider of insurance and asset management to more than 96 multinational clients in 57 countries. BNP Paribas operates across Europe through several business lines, with four domestic retail banking markets in France, Italy, Belgium and Luxembourg, having an overall business presence in 84 countries worldwide. Taking into account the impending regulatory developments for financial institutions, the new agreement incorporates all the principal terms contained in the original 2005 agreement, save for the clauses dealing with the extension of the mutual commitments between BNP Paribas and AXA to maintain minimum cross shareholding participations. However, at present both companies have not contemplated the unwinding of such participations. As an example of another recent collaboration, towards the end of last month AXA and BNP Paribas announced the extension of their partnership to take the 3rd place by market share in the Ukrainian property and casualty (P&C) insurance market. This was possible through the acquisition of 99 percent of the share capital of Vesko, the 6th largest P&C insurer in Ukraine. The deal was made between AXA and UkrSibbank, the Ukrainian banking subsidiary of BNP Paribas. This transaction is still subject to regulatory approvals, and the deal is expected to be completed before the end of this year. Companies mentioned: AXA Group
AXA Group is a worldwide leader in Financial Services. Head-quartered in Paris, the AXA Group companies are engaged in life insurance, health insurance and asset management services among others. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
BNP Paribas
BNP Paribas is a European leader in global banking and financial services and one of the six strongest banks in the world. Present across Europe through all its business lines, the Group has four domestic retail banking markets in France, Italy, Belgium and Luxembourg. It has one of the largest international networks with operations in 84 countries and 201,100 employees, including 158,800 in Europe, 15,100 in North America and 10,600 in Asia.