AXA has announced that it has completed the sale of its Belgian banking operations, AXA Bank Belgium, to Crelan Bank NV/SA (“Crelan”), for a total consideration* of Euro 691 million, comprised of (i) a net cash consideration of Euro 611 million** , and (ii) the transfer to AXA Belgium of 100% of Crelan Insurance*** (valued at Euro 80 million).
In addition, AXA and Crelan have entered into a long-term P&C and Protection insurance distribution partnership which will be effective on January 1, 2022, extending the existing partnership between AXA Bank Belgium and AXA Belgium to the entire Crelan network.
* In cash terms, AXA S.A. will receive Euro 691 million for the sale of AXA Bank Belgium and AXA Belgium will pay Crelan Euro 80 million for the purchase of Crelan Insurance.
** Including a price adjustment reflecting customary closing conditions.
*** The insurance company of Crelan, providing protection insurance linked to loans originated by Crelan.
**** Perpetual debt callable in 2027, subscribed by both AXA S.A. and AXA Belgium.
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