BNP Paribas to become top investor in Belgian insurer Ageas By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 14 2024
0mins
Source: Investing.com
- BNP Paribas Acquires 9% Stake in Ageas: BNP Paribas, the largest bank in the euro zone, purchases a 9% stake in Belgian insurer Ageas from China's Fosun Group for approximately 730 million euros.
- Strategic Move by BNP Paribas: The acquisition aligns with BNPP's strategy to expand its insurance business following the sale of its U.S. retail activities, providing funds for acquisitions.
- Long-standing Partnership: Ageas and BNP Paribas have been partners through joint shareholding in AG Insurance, Belgium's top insurer, with Ageas holding 75% and BNP owning the rest.
- Fosun Group Asset Sales: Fosun Group is selling its direct and indirect holdings in Ageas as part of efforts to reduce debt after an acquisition spree, with plans to use proceeds for working capital.
- Deal Details: BNPP will acquire a 4.8% stake initially, with the remaining 4.2% pending regulatory approvals; Fosun will retain about 1% stake in Ageas post-sale.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
