Ageas: BNP Paribas buys out Fosun's stake
(CercleFinance.com) - BNP Paribas announces that, through its insurance subsidiary BNP Paribas Cardif, it has signed an agreement to acquire the Chinese group Fosun's stake of approximately 9% in the Belgian insurance company ageas.
A 4.8% stake will be acquired in the next few days, with the rest after the necessary regulatory approvals. The total price, estimated at around E730m, corresponds to a marginal 2-bp impact on the bank's CET1 ratio.
BNP Paribas says out that it has a partnership with ageas, through AG Insurance (AGI), which takes the form of an exclusive insurance distribution agreement between AGI and BNP Paribas Fortis and a 25% (plus one share) stake in AGI held by the latter.
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