AXA: divests banking activities in Belgium
(CercleFinance.com) - AXA announces that it has reached an agreement to sell AXA Banque Belgique, its banking business in Belgium, to Crelan Bank, for 620 million euros, including 540 million in cash and the transfer of 100% of Crelan Insurance to AXA Belgique.
In addition, AXA and Crelan have entered into a long-term distribution agreement for non-life and providence insurance, hence extending the existing agreement between AXA Banque Belgique and AXA Belgique to Crelan's full banking network.
The insurance company specifies that the transaction's completion is subject to customary conditions, including obtaining regulatory approvals, and is expected to be made in the second quarter of 2020.
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In addition, AXA and Crelan have entered into a long-term distribution agreement for non-life and providence insurance, hence extending the existing agreement between AXA Banque Belgique and AXA Belgique to Crelan's full banking network.
The insurance company specifies that the transaction's completion is subject to customary conditions, including obtaining regulatory approvals, and is expected to be made in the second quarter of 2020.
Copyright (c) 2019 CercleFinance.com. All rights reserved.