The EBRD has sold its minority share ownership in six life assurance and pensions companies in central and eastern Europe, subsidiaries of AXA Group, the EBRD announced in a press release.
The EBRD is exiting from AXA Zycie and AXA PTE in Poland, AXA Penzijni and AXA Zivotni in Czech Republic, AXA Biztosító and AXA Magyarország Befektétesi Alapkezelő in Hungary by selling its stakes to the majority shareholder, the AXA Group.
AXA enjoys a competitive position in the markets in these countries and its subsidiaries will continue to expand in this next stage of their activities, the press release states.
“Since its first series of equity investments in these pension and life insurance companies, the EBRD has demonstrated a long-term commitment to the development of the insurance and financial sector in central and eastern Europe. The subsidiaries of AXA in Poland, Czech Republic and Hungary are now on a clear path to the next stage of growth under the leadership of the Group. The EBRD continues to look for new opportunities to support the financial sector throughout the region”, said Nick Tesseyman, business group director, Financial Institutions. (press release)