Dutch bank ABN Amro said on Friday (May 17) its French private bank branch Neuflize OBC had entered exclusive negotiations with BNP Paribas Cardif to form a strategic partnership in life insurance in France.
The partnership will lead to a distribution agreement and the sale of life insurer Neuflize Vie to BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, the statement said.
Neuflize Vie is the French insurance joint venture owned by ABN Amro (60 per cent) and AXA (40 per cent).
BNP Paribas Cardif intends to acquire all shares in Neuflize Vie for an undisclosed amount, creating a leader in high-end life insurance in France with assets under management of over 25 billion euros (S$36.5 billion). REUTERS
