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Daily Insurance Industry News
Wednesday 18th of July 2018
November 29, 2010

AXA and AMP agree Asia Pacific scheme

by Gill Montia

Story link: AXA and AMP agree Asia Pacific scheme

AXA and AMP agree Asia Pacific scheme

AXA has announced that it has entered into an agreement whereby Australian banking and insurance group, AMP Limited, will acquire 100% of AXA Asia Pacific Holdings (AXA AP), while AXA SA will acquire 100% of AXA AP’s Asian businesses.

The transaction involves a Scheme of Arrangement that allows the merger of AMP and AXA APH, followed by a sale to AXA by AMP of AXA APH’s Asian assets.

AXA chairman and chief executive officer, Henri de Castries, says: “We are very pleased to announce this agreement with AMP and AXA APH, which we believe will create significant value for the three parties and is a recognition of the quality of the franchise built over the years by AXA APH teams, both in Asia and in Australia and New-Zealand.”

He adds: “Upon completion, this transaction will double AXA’s exposure to the Asian Life & Savings insurance market, support our continued development in the region and further optimise the corporate structure of the group.”

The deal is subject to a number of conditions, including confirmatory due diligence, court approvals and regulatory approvals but completion is expected during the second quarter of 2011.

 

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