(AOF) – Neuflize OBC, ABN Amro’s private bank in France, and BNP Paribas Cardif, the insurance subsidiary of the BNP Paribas Group, are entering into exclusive negotiations to establish a strategic partnership in life insurance in France. The latter will result in a distribution agreement and the acquisition of Neuflize Vie, a life insurance and capitalization company, by Cardif from the company’s founding shareholders, ABN Amro and Axa.
“Cardif, a player in life insurance in France, and Neuflize OBC, a leading bank in wealth management, plan to combine their forces to grow in the high-end life insurance market,” underline the companies in their communicated.
“The choice of ABN Amro is the result of a rigorous selection process involving several leading companies in the European insurance market. Cardif’s proposition stands out in particular for its financial solidity, its range of products and its capacity to offer personalized offers for the Neuflize OBC bank”, they added.
Pauline Leclerc Glorieux, Managing Director of BNP Paribas Cardif declared: “We are proud of this long-term partnership with Neuflize OBC which will allow us to consolidate together our position in the wealth life insurance market in France.”
This transaction remains subject to applicable social procedures and obtaining the agreement of the competent regulatory and competition authorities.