AXA and BMPS finalize their partnership agreement on the italian financial protection market
AXA and BMPS announced today that they have successfully finalized their long-term partnership agreement in life and non-life bancassurance as well as in pension business in Italy. As part of this partnership, AXA acquired 50% of MPS Vita (life and savings) and MPS Danni (P&C), 50% of BMPS open pension funds business and will take on the management of the insurance companies’ assets (Euro 13 billion as of year-end 2006) and open pension funds’ assets (Euro 0.3 billion as of year-end 2006). The transaction, which was announced on March, 23, 2007, received all necessary regulatory approvals, and closed on October 19, 2007.
About AXA AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia Pacific area. For full year 2006, IFRS revenues amounted to Euro 79 billion and IFRS adjusted earnings amounted to Euro 5,140 million. The AXA ordinary share is listed and traded under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA. About BMPS The Monte dei Paschi di Siena Bank, founded in 1472 as a Monte di Pietà (Pawn agency) to lend aid to the underprivileged classes of Siena, is considered the oldest bank in the world.
Today it is the leader of one of the top five banking groups in Italy, with significant market shares in all the sectors in which it operates.
The MPS Group is active all over Italy and in the major international financial centres, with operations ranging from traditional banking activity to asset management and private banking (mutual funds, wealth management, pension funds, and life insurance policies), from investment banking to innovative business financing (project finance, merchant banking, and financial counseling), with a special vocation for "family" accounts and small and medium businesses.
With more than 24,000 employees, more than 1,900 branches, and a well-organized structure of channels of distribution, including a sizable network of financial promoters, the Monte dei Paschi di Siena Group offers its services to some four million customers.