AXA has reached an agreement with Alpha Bank to acquire its insurance subsidiary Alpha Insurance for Euro 255 million.
AXA and Alpha Bank, Greece’s second largest bank, have also signed a long-term exclusive agreement to pursue and strengthen the existing bancassurance partnership.
Alpha Insurance is one of the top 10 composite insurers on the Greek market. It has 700 tied agents and the 380 branches. Alpha Insurance recorded revenues of Euro 151 million in 2005. It will be integrated to AXA’s Mediterranean Region platform upon completion of the acquisition.
“The acquisition of Alpha Insurance is an excellent opportunity to enter the Greek market, which offers very attractive growth prospects,” Jean-Raymond Abat, head of AXA’s Mediterranean Region, said.
Completion of the acquisition is subject to regulatory approvals in Greece.
AXA Group has major operations in Western Europe, North America and the Asia/Pacific area. AXA is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
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