AXA to sell AXA Bank Belgium

AXA announced it has entered into an agreement to sell its Belgian banking operations, AXA Bank Belgium (the 6th largest retail bank in Belgium in terms of total assets), to Crelan Bank for €620 million, comprised of a total cash consideration of €540 million, and (ii) the transfer to AXA Belgium of 100% of Crelan Insurance (valued at €80 million), the insurance company of Crelan, providing protection insurance linked to loans originated by Crelan.

In addition, AXA and Crelan have agreed to enter into a long-term P&C and Protection insurance distribution partnership, extending the existing partnership between AXA Bank Belgium and AXA Belgium to the entire Crelan network.

This transaction is another important step in the execution of our Ambition 2020 strategy , as we concentrate on businesses with critical scale and continue to simplify our business profile. We are extremely pleased to maintain our strong historical links through a continued partnership with AXA Bank Belgium, a key factor in this transaction, and to extend this partnership to Crelan’s network. Combining this with the transfer of Crelan’s insurance business to AXA, our leadership position in our preferred segments in Belgium will be further reinforced. We are convinced that AXA Bank Belgium will strongly benefit from the consolidation with Crelan, leveraging on their respective scales and product offerings. I would like to thank AXA Bank Belgium’s management team and all the employees for their strong contribution and commitment over the years and wish them every success as part of the Crelan Group.” – AXA CEO, Thomas Buberl.

In addition, AXA will take a 9.9% minority equity stake in Crelan NV and AXA Bank Belgium, investing a total of €90 million, which will be fully financed by the purchase by Crelan.