28 February 2023Insurance

AXA sells off most of its stake in Italian bank

Re/insurer  AXA has sold its €233 million ($247.2 million) stake in Italian bank Banca Monte dei Paschi di Siena in line with its ongoing restructure.

The company has announced the disposal of 100,000,000 shares in the Bank, in a private placement by way of an accelerated bookbuilding reserved to institutional investors.

Following the completion of the offering, AXA will retain (directly or indirectly) 0.0007% of the Bank’s share capital.

As a long-standing joint venture partner of the Bank, AXA participated in its most recent capital increase as a financial investment.

In a statement, AXA said it “does not wish to seek representation on the board at the Bank’s upcoming Shareholders’ Annual General Meeting, or influence the Bank's broader long-term strategy.” AXA believes it is timely to sell its participation purchased in the capital increase.

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