France’s AXA Group has received approvals from U.S., Swiss and the European Commission antitrust authorities for its CHF12.3 billion ($9.89 billion) agreement to acquire Winterthur Swiss Insurance Co. from Credit Suisse, its current owner.
AXA said that “subject to the closing of the transaction (expected on December 31, 2006) and to obtaining necessary corporate governance and regulatory approvals,” it has made a series of appointments to take effect on January 1, 2007, for the enlarged Northern Europe region. The area will become the Northern & Eastern Europe Region, and includes Benelux, Germany, Switzerland, and Eastern Europe, as well as in the UK & Ireland Region
The Northern & Eastern Europe Region will be placed under the supervision of Alfred Bouckaert, currently CEO of AXA Belgium and Group Regional CEO for Northern Europe (Benelux, Germany & Switzerland). Alfred Bouckaert is a member of the AXA Executive Committee.
CEO of the insurance and banking activities in Belgium will be Eugene Teysen, currently CEO of AXA Konzern in Germany. He will join the AXA Executive Committee on October 1, 2006
CEO of the insurance and banking activities in Switzerland will be Philippe Egger, currently CEO of Winterthur Switzerland. He will also join the AXA Executive Committee on January 1, 2007.
CEO of the insurance and banking activities in Germany will be Frank Keuper, currently CEO of DBV Winterthur in Germany.
CEO of the insurance and banking activities in The Netherlands will be Jan Van Den Berg, currently CEO of AXA Netherlands.
AXA also said it will create an Eastern Europe zone with Willem Wynaendts as CEO. He is currently CEO of AXA Assurances in Switzerland. The following heads of regional office will report to him: The CEO of the Polish Life & Pensions business Maciej Szwarc, currently CEO of Winterthur Poland; the CEO of the businesses in the Czech Republic and Slovakia Petr Zaluda, currently CEO of Winterthur Czech Republic and Slovakia; the CEO of the businesses in Hungary Walter Tauchner, currently CEO Winterthur Hungary.
The UK & Ireland Region will be supervised by CEO Nicolas Moreau; Mike Kellard who is CEO of Winterthur UK, will report to Paul Evans, CEO of AXA Life (a business unit of AXA UK).
“Following the closing of the transaction, these proposed nominations will be submitted to the Boards and regulators of the relevant legal entities for all necessary corporate governance and regulatory approvals,” said the announcement. “The executives designated above will announce their organizations and their new teams’ structure in the course of October 2006,” it added.
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