Insurer AXA has ceded AXA Bank Belgium to Brussels banking group Crelan. The transaction amounted 620 million EUR (689 million USD).
With more than 800 000 customers and 27 billion EUR (30 billion USD) in assets, AXA Bank Belgium is the country's sixth largest bank in terms of assets in 2018. The purchaser, Crelan, with 920 000 customers, ranks seventh with assets amounting to 20.4 billion EUR (22.7 billion USD).
This cession is part of the French insurance leader's strategy of geographical refocusing. The group is henceforth prioritizing markets considered as strategic such as:
- France, Germany or Switzerland in Europe,
- Brazil and Mexico in Latin America,
- China, Indonesia, Thailand and the Philippines in Asia.
AXA has recently withdrawn from Ukraine and Azerbaijan. The insurer is looking for an acquirer for his activities in Poland, the Czech Republic and Slovakia.
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