BNP Paribas said on 15 April that its insurance subsidiary has agreed to acquire a 9% stake in Belgian multinational insurer Ageas for around €730m from China's Fosun Group.
In a statement the French headquartered banking group said the deal was arranged through its insurance subsidiary BNP Paribas Cardif.
The acquisition will be performed in two tranches comprising 4.8% of the issued shares in the coming days and the balance following the receipt of mandatory regulatory approvals.
The total consideration of approximately €730m, corresponds to a marginal impact on BNP Paribas Group’s Common Equity Tier 1 (CET1) ratio of approximately 2 basis points.
BNP Paribas Group, through BNP Paribas Fortis, benefits from a partnership with ageas, through AG Insurance (AGI), the leading insurer in Belgium.
This partnership is materialized by an exclusive distribution agreement for Life and Non-Life insurance between AGI and BNP Paribas Fortis and by a stake of 25% (plus one share) held by the latter in AGI.
BNP Paribas Group further said the acquisition of a minority stake in ageas does not modify any term of this historic and strategic partnership.
