trending Market Intelligence /marketintelligence/en/news-insights/trending/CBa1kIhxjBnq4Jshh0i9YQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Axa to sell Belgian banking unit to Crelan for €620M

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


Axa to sell Belgian banking unit to Crelan for €620M

French insurer Axa SA agreed to sell banking unit AXA Bank Belgium SA to Belgian cooperative lender Crelan Bank for a total consideration of €620 million.

The transaction consists of a cash consideration of €540 million, subject to price adjustment at closing. The deal also includes the complete sale of Crelan Bank's insurance arm, Crelan Insurance SA, which is valued at €80 million, to Axa Belgium SA.

Axa noted that the transaction is expected to have a positive impact of about 4 percentage points on the French insurance group's Solvency II ratio. The Paris-based company also anticipates a one-off negative charge of roughly €600 million on net income in its full-year results.

Axa Bank Belgium recorded underlying earnings of €47 million in 2018, excluding favorable nonrecurring impacts of €36 million.

The deal, which is subject to customary closing conditions, including regulatory approvals, is expected to complete in the second quarter of 2020. Axa noted that its other banking activities are not affected by the transaction.

Meanwhile, Axa said it will acquire a 9.9% equity stake in Crelan NV and Axa Bank Belgium, investing a total of €90 million, with Crelan Bank having a call option to purchase Axa's shares in Crelan NV and Axa Bank Belgium. The investment will be fully financed by Crelan Bank's purchase of the contingent convertible bonds issued by Axa Bank Belgium to Axa for €90 million.

Additionally, Axa and Crelan Bank entered a long-term property and casualty and protection insurance distribution partnership, expanding the partnership between Axa Bank Belgium and Axa Belgium to the entire Crelan Bank network.