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BNP Paribas set to buy French life insurance business Neuflize Vie from ABN Amro and AXA

BNP Paribas Cardif Acquires Neuflize Vie: Key Points

Acquisition Overview:

  • Acquirer: BNP Paribas Cardif.
  • Acquiree: Neuflize Vie.
  • Sellers: AXA and ABN Amro.
  • Parent Companies: Neuflize Vie was owned 60% by ABN Amro and 40% by AXA.

Details and Intentions:

  • Transaction Intent: BNP Paribas Cardif to acquire all shares in Neuflize Vie.
  • Strategic Goal: To become an undisputed leader in high-end life insurance in France.
  • Services Provided by Neuflize Vie: Life insurance policies, retirement and estate planning, and insurance products linked to investment portfolios.

Financial Figures:

  • Capital Under Management (as of 31 Dec): €11.4 billion.
  • Equity: €389 million.
  • Turnover: €524 million.

Impact and Strategic Partnership:

  • Impact on ABN Amro:
    • Marginal effect on profitability and risk-weighted assets.
    • Minor positive impact on CET1 capital ratio.
  • Strategic Partnership: Neuflize OBC will partner with BNP Paribas Cardif to ensure continued access to high-end insurance products for Neuflize OBC’s clients.

Deal Closure:

  • Closing Date: Not defined.
  • Conditions: Subject to customary closing conditions and regulatory approvals.

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