It was an expected operation, which marks Axa's withdrawal from asset management. On Saturday, the BNP Paribas bank announced that it had signed a “ accord d’acquisition » of Axa Investment Managers (Axa IM) with the eponymous insurer, specifying that “ the agreed price for the acquisition and establishment of the long-term partnership is 5.1 billion euros » at the closing of the operation expected in mid-2025.
The two French companies entered into exclusive negotiations on August 1. The announcement therefore signals a new strategy: Axa and BNP Paribas plan to establish a long-term agreement, through which BNP Paribas will provide investment management services to Axa. The latter will refocus on insurance, and more particularly Life, Savings and Retirement activities.
The signature « follows the completion of the information-consultation procedure of the relevant staff representative bodies of the AXA and BNP Paribas groups on the strategic issues of the project », Specifies BNP Paribas in a press release published on its website.
Quoted in this press release, Renaud Dumora, president of BNP Paribas Cardif and deputy general director of BNP Paribas, believes that this is a “ important step in the process of acquisition of Axa IM and long-term partnership with Axa ».
“In anticipation of the closing process, all teams are now working to welcome Axa IM employees and clients within the BNP Paribas Cardif group,” he adds.
BNP Paribas, which describes itself as “ first bank in the European Union », employs more than 183,000 people worldwide, including “ more than 145,000 in Europe ».
« By joining forces with BNP Paribas, which is one of the European leaders in the banking sector and with whom we share the same values, Axa IM will benefit from a unique opportunity to develop and become a world-class asset manager. », Explained Frédéric de Courtois, deputy general director of Axa, at the beginning of August.
The consolidation of the asset management sector in recent years “ encouraged us to study several scenarios in order to enable the development of the company “, he said.
« Axa IM's alliance with BNP Paribas would create a leading European asset management player » with assets under management totaling 1,500 billion euros, including 850 billion for Axa IM, the insurer indicated in a press release.
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