PARIS (Agefi-Dow Jones) – Axa announced on Friday that it had finalized the sale of its banking activities in Belgium, Axa Bank Belgium, to the Belgian bank Crelan, for a total amount of 691 million euros.
This sum includes a net amount of 611 million euros in cash, and the transfer to Axa Belgium of 100% of Crelan Insurance, valued at 80 million euros, the group said in a press release.
As part of the transaction, Axa and Crelan have entered into a long-term distribution agreement in non-life and provident insurance which will be effective from January 1, 2022. This agreement extends the existing one between Axa Bank Belgium and Axa Belgium to the entire Crelan banking network, said Axa.
In addition, both parties have amended the original agreement. “Axa has subscribed to the issue of a hybrid subordinated debt carried out by Crelan for a subscription price of 245 million euros and no longer takes a minority stake of 9.9% in Crelan and Axa Bank Belgium, as communicated upon the announcement of the operation, “said the insurer.
Axa also indicated that the transaction should have a positive impact on its solvency ratio 2 estimated by the group at 4 points in the fourth quarter of 2021.
-François Berthon, Agefi-Dow Jones; +33 (0) 1 41 27 47 93; [email protected] ed: ECH
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December 31, 2021 09:27 ET (14:27 GMT)