BNP Paribas Group announces the signature, through its insurance subsidiary BNP Paribas Cardif, of an agreement to acquire Fosun Group’s stake of approximately 9% in ageas.
The acquisition will be performed in two tranches:
- 4.8% of the issued shares in the coming days
- The balance following the receipt of mandatory regulatory approvals.
The total consideration is estimated to approximately 730 million euros, corresponding 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 acquisition of a minority stake in ageas does not modify any term of this historic and strategic partnership.