The BNP Paribas logo in Nantes
French bank BNP Paribas announced on Sunday that it had signed an agreement with Chinese group Fosun to acquire its 9% stake in Belgian insurer Ageas for around 730 million euros ($776.87 million).
“The acquisition of a stake by the BNP Paribas group in Ageas in no way changes the terms of this historic and strategic partnership (between the two companies),” writes BNP Paribas, the largest bank in the euro zone, in a press release.
Ageas and BNP Paribas have been partners for a long time through their joint participation (75% for the first and 25% for the second) in AG Insurance, the leading Belgian insurer.
“Ageas is pleased to see that BNP Paribas recognizes, through this investment, the value of its long-term partnership and the company’s potential for the future,” reacted the Belgian insurer in a separate press release.
Last month, Ageas abandoned its plan to buy Direct Line after the British home and car insurer rejected a revised 3.17 billion pounds ($3.95 billion) offer from the Belgian insurer.
($1 = 0.9397 euros)
(Reporting Benoît Van Overstraeten and Elizabeth Pineau)