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BNP Paribas has signed an agreement with Fosun Group to acquire its stake in ageas
المصدر: Nasdaq GlobeNewswire / 14 أبريل 2024 05:00:00 America/Chicago
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 Paribas
BNP 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 contact
Sandrine Romano – sandrine.romano@bnpparibas.com – +33 6 71 18 23 05
Hacina Habchi – hacina.habchi@bnpparibas.com - +33 7 61 97 65 20Attachment