France’s AXA Group announced that it has successfully completed the acquisition of Winterthur.
AXA reached agreement with Credit Suisse to acquire 100 percent of Winterthur, the Swiss bank’s insurance division, for CHF 12.3 billion (around $10 billion – €7.9 billion) in an all cash transaction last June (See IJ web site June 14). The acquisition significantly strengthens AXA’s position in Switzerland and other European countries.
“I am very confident that the enthusiasm and professionalism of Winterthur and AXA teams and the extensive preparatory work conducted across both groups will ensure a swift integration of our businesses,” stated AXA’s CEO Henri de Castries. “The acquisition of Winterthur is a unique opportunity to further increase AXA’s diversification, reinforce our growth potential and further leverage our global platform.”
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