Dutch bank ABN Amro ABNd.AS said on Friday that its French private bank Neuflize OBC had entered into exclusive negotiations with BNP Paribas Cardif BNPP.PA to form a strategic partnership in the field of life insurance in France.
This partnership will result in a distribution agreement and the sale of the life insurance company Neuflize Vie to BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, according to the press release.
Neuflize Vie is 60% owned by ABN Amro and 40% by AXA
AXAF.PA.
BNP Paribas Cardif intends to acquire the entirety of Neuflize Vie for an undisclosed amount, creating a champion of high-end life insurance in France with assets under management of more than 25 billion euros.
(Written by Dominique Vidalon, French version Kate Entringer)