Axa: could float its US subsidiary.
(CercleFinance.com) - AXA appears to have begun the review of the flotation of a part of its US subsidiary, broker Aurel BGC reports this morning in reaction to information from Bloomberg.
The insurer appears to be in talks with lead banks to invest 20% of the capital of a scope that would include the AllianceBernstein asset manager, with the IPO possibly occurring in the second quarter of 2018.
Businesses in the US last year represented one-fifth of Axa's operating income.
Axa does not intend to exit the US market, as only a minority shareholding of "Axa USA" should be floated on Wall Street. However, the group plans to reduce its exposure to this country, which may also better value its local subsidiaries.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The insurer appears to be in talks with lead banks to invest 20% of the capital of a scope that would include the AllianceBernstein asset manager, with the IPO possibly occurring in the second quarter of 2018.
Businesses in the US last year represented one-fifth of Axa's operating income.
Axa does not intend to exit the US market, as only a minority shareholding of "Axa USA" should be floated on Wall Street. However, the group plans to reduce its exposure to this country, which may also better value its local subsidiaries.
Copyright (c) 2017 CercleFinance.com. All rights reserved.