axa_shutterstock_274483184
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.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
24 February 2023   The reinsurance unit is called on to counteract the impact of inflation & 1/1 on nat cat budget.
Insurance
20 February 2023   The re/insurer has revealed a new leadership for its fine art and specie business.