(Boursier.com) — BNP Paribas signed, through its insurance subsidiary BNP Paribas Cardif, an agreement for the repurchase of the stake of approximately 9% held by the Fosun Group in the insurer Ageas. The acquisition will be carried out in two tranches.
On the one hand, 4.8% of Ageas’ capital will be acquired in the coming days. Furthermore, the acquisition of the balance will be effective after obtaining the required regulatory authorizations.
The total price is estimated at around 730 million euros. The impact is marginal on the ‘Common Equity Tier 1’ (CET1) ratio of the BNP Paribas Group, since it is around 2 basis points.
The BNP Paribas Group, through BNP Paribas Fortis, benefits from a partnership with Ageas, through AG Insurance (AGI), leader in its sector in Belgium. This partnership is materialized by an exclusive distribution agreement in life and non-life insurance between AGI and BNP Paribas Fortis and by a 25% stake (plus 1 share) of the latter in AGI. The BNP Paribas group’s acquisition of a stake in Ageas in no way changes the terms of this historic and strategic partnership.
©2024 Boursier.com