AXA to Sell Hungary's Banking Unit to OTP Bank
February 03 2016 - 2:32AM
Dow Jones News
By Inti Landauro
PARIS--French insurance company AXA SA (CS.FR) said Wednesday it
agreed to sell its Hungarian banking unit to OTP Bank (BISI.RS) as
part of a strategy to exit the banking business in most of
Europe.
The sale will result in an 80 million euro ($87 million) loss
that it made a provision for in its 2015 accounts, AXA said in a
statement. The company will report 2015 earnings later this
month.
The sale is the final step in AXA's plan to exit the banking
business in most of Europe while focusing on its Belgian unit.
The transaction is expected to be completed in the second half
of the year and still requires approval from regulators and
antitrust authorities.
Write to Inti Landauro at inti.landauro@wsj.com
(END) Dow Jones Newswires
February 03, 2016 02:17 ET (07:17 GMT)
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