BNP Paribas : Exclusive negotiation with Axa for the acquisition of
Axa Investment Managers and a long-term partnership in asset
management
BNP PARIBAS ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH AXA FOR
THE ACQUISITION OF AXA INVESTMENT MANAGERS AND A LONG-TERM
PARTNERSHIP IN ASSET MANAGEMENT
Press Release
Paris, 1 August 2024
The BNP Paribas Group announces today that it
has entered into exclusive negotiations with AXA to acquire 100% of
AXA Investment Managers (AXA IM), representing close to
€850bn1 assets under management, together with an
agreement for a long-term partnership to manage a large part of
AXA’s assets.
BNP Paribas Cardif, the insurance business of BNP Paribas, after
having directly proceeded to the proposed transaction as principal,
would have the opportunity to rely on this platform for the
management of up to €160bn of its savings and insurance
assets1.
With the combined contribution of BNP Paribas’
asset management platforms, the newly formed business, which total
assets under management would amount to
€1,500bn1, would become a leading European player
in the sector.
Specifically, it would become the European
leading player in the management of long-term savings assets for
insurers as well as pension funds, with €850bn of
assets1, leveraging powerful platforms of public and
private assets. The acquisition would also allow the combined
businesses to benefit from AXA IM Alternatives’ leading market
position and track record in private assets which will drive
further growth with both institutional and retail investors.
The agreed price for the acquisition and the
set-up of the partnership is of €5.1bn at closing, expected
mid-2025.
With a CET1 impact of circa 25 bp for BNP
Paribas, the expected return on invested capital of the transaction
would be above 18% as soon as the 3rd year, following the end of
the integration process.
The signing of the proposed transaction,
expected by the end of the year, is subject to the information
process and consultation of the employees’ representative bodies.
The closing of the transaction is expected by mid-2025 once
regulatory approvals have been obtained.
“This project would position BNP Paribas as a
leading European player in long-term asset management. Benefiting
from a critical size in public and alternative assets, BNP Paribas
would serve its customer base of insurers, pension funds, banking
networks and distributors more efficiently. The strategic
partnership entered into with AXA, the cornerstone of this project,
confirms the ability of both our groups to join forces. This major
project, which would drive our growth over the long-term, would
represent a powerful engine of growth for our Group.” said
Jean-Laurent Bonnafé, Director and CEO, BNP Paribas.
“AXA Investment Managers has been a homegrown
success story for the AXA Group. Over the past 25 years, we have
built an exceptional franchise anchored in investment expertise, a
relentless client focus and a proven track record on
sustainability. Thanks to the quality of its teams, AXA IM is today
a leading player, notably in Alternatives in Europe.” said
Thomas Buberl, CEO of AXA. “By joining forces with BNP
Paribas, AXA IM would become a global asset manager with a wider
product offering and a mutual objective to further their leading
position in responsible investing. I would like to thank all AXA IM
employees for their unwavering commitment, and their continued
focus on delivering value for our clients.”
“The creation, within the Investment &
Protection Services (IPS) division of the BNP Paribas Group, of a
European leader in the management of long-term insurance and
savings assets, would enable the IPS division to exceed EUR 2
trillion of assets entrusted by its clients. This operation would
allow BNP Paribas Cardif to benefit from premium access to the
services of an asset management expert on the asset classes
required for insurance management. The combined expertise of the
BNP Paribas Asset Management and AXA IM teams in public and private
assets, as well as their leadership in sustainability, would be
valuable assets to better meet future needs of clients.” said
Renaud Dumora, Deputy Chief Operating Officer, Investment &
Protection Services, BNP Paribas.
Press contact
Sandrine Romano – sandrine.romano@bnpparibas.com – +33 (0)6 71 18
23 05
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in
international banking. It operates in 63 countries and has nearly
183,000 employees, including more than 145,000 in Europe. The Group
has key positions in its three main fields of activity: Commercial,
Personal Banking & Services for the Group’s commercial &
personal banking and several specialised businesses including BNP
Paribas Personal Finance and Arval; Investment & Protection
Services for savings, investment and protection solutions; and
Corporate & Institutional Banking, focused on corporate and
institutional clients. Based on its strong diversified and
integrated model, the Group helps all its clients (individuals,
community associations, entrepreneurs, SMEs, corporates and
institutional clients) to realise their projects through solutions
spanning financing, investment, savings and protection insurance.
In Europe, BNP Paribas has four domestic markets: Belgium, France,
Italy and Luxembourg. The Group is rolling out its integrated
commercial & personal banking model across several
Mediterranean countries, Turkey, and Eastern Europe. As a key
player in international banking, the Group has leading platforms
and business lines in Europe, a strong presence in the Americas as
well as a solid and fast-growing business in Asia-Pacific. BNP
Paribas has implemented a Corporate Social Responsibility approach
in all its activities, enabling it to contribute to the
construction of a sustainable future, while ensuring the Group's
performance and stability.
Disclaimer
This press release includes forward-looking statements based on
current beliefs and expectations about future events.
Forward-looking statements include financial projections and
estimates and their underlying assumptions, statements regarding
plans, objectives and expectations with respect to future events,
operations, products and services, and statements regarding future
performance and synergies. Forward-looking statements are not
guarantees of future performance and are subject to inherent risks,
uncertainties and assumptions about BNP Paribas and its
subsidiaries and investments, developments of BNP Paribas and its
subsidiaries, banking industry trends, future capital expenditures
and acquisitions, changes in economic conditions globally, or in
BNP Paribas’ principal local markets, the competitive market and
regulatory factors. Those events are uncertain; their outcome may
differ from current expectations which may in turn significantly
affect expected results. Any forward-looking statement contained in
this press release speaks as of the date of this press release. BNP
Paribas undertakes no obligation to publicly revise or update any
forward-looking statements in light of new information or future
events.
1 Based on assets as at
31.12.2023
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