BNP Paribas has signed an agreement with Fosun Group to acquire its stake in ageas
14 April 2024 - 12:00PM
BNP Paribas has signed an agreement with Fosun Group to acquire its
stake in ageas
BNP Paribas has signed an
agreement with Fosun Group to acquire its stake in
ageas
Press Release
Paris, 14 April 2024
BNP Paribas Group announces the
signature, through its insurance subsidiary BNP Paribas Cardif, of
an agreement to acquire Fosun Group’s stake of approximately 9% in
ageas.
The acquisition will be performed in two
tranches:• 4.8% of the issued shares in the coming
days• The balance following the receipt of
mandatory regulatory approvals.
The total consideration is estimated to
approximately 730 million euros, corresponding to a marginal impact
on BNP Paribas Group’s Common Equity Tier 1 (CET1) ratio of
approximately 2 basis points.
BNP Paribas Group, through BNP Paribas Fortis,
benefits from a partnership with ageas, through AG Insurance (AGI),
the leading insurer in Belgium. This partnership is materialized by
an exclusive distribution agreement for Life and Non-Life insurance
between AGI and BNP Paribas Fortis and by a stake of 25% (plus one
share) held by the latter in AGI. BNP Paribas Group acquisition of
a minority stake in ageas does not modify any term of this historic
and strategic partnership.
About BNP ParibasBNP Paribas is
the European Union’s leading bank and key player in international
banking. It operates in 63 countries and has nearly 183,000
employees, including more than 145,000 in Europe. The Group has key
positions in its three main fields of activity: Commercial,
Personal Banking & Services for the Group’s commercial &
personal banking and several specialised businesses including BNP
Paribas Personal Finance and Arval; Investment & Protection
Services for savings, investment and protection solutions; and
Corporate & Institutional Banking, focused on corporate and
institutional clients. Based on its strong diversified and
integrated model, the Group helps all its clients (individuals,
community associations, entrepreneurs, SMEs, corporate and
institutional clients) to realise their projects through solutions
spanning financing, investment, savings and protection insurance.
In Europe, BNP Paribas has four domestic markets: Belgium, France,
Italy and Luxembourg. The Group is rolling out its integrated
commercial & personal banking model across several
Mediterranean countries, Turkey, and Eastern Europe. As a key
player in international banking, the Group has leading platforms
and business lines in Europe, a strong presence in the Americas as
well as a solid and fast-growing business in Asia-Pacific. BNP
Paribas has implemented a Corporate Social Responsibility approach
in all its activities, enabling it to contribute to the
construction of a sustainable future, while ensuring the Group's
performance and stability.
Press contactSandrine Romano –
sandrine.romano@bnpparibas.com – +33 6 71 18 23 05Hacina Habchi –
hacina.habchi@bnpparibas.com - +33 7 61 97 65 20
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