French bank BNP Paribas has agreed to acquire a 9 per cent stake in Belgian insurer Ageas from China's Fosun Group.
The deal for Fosun’s entire stake in Ageas is worth €730 million.
The French and Belgian companies are long-time partners via Belgium’s leading insurer AG Insurance which is 75 per cent owned by Ageas.
Ageas, which recently had a £3.17 billion bit for UK insurer Direct Line turned down, said: "Ageas is pleased to see that BNP Paribas recognises, through this investment, the value of its partnership for the long term and the potential of the company going forward.”
In a separate statement on the sale of its stock, Fosun said: "The disposal is part of the company's effort of streamlining its portfolio and implementing core business-focused strategy. It also demonstrates the group's continuous determination on improving its financial performance and creating maximum value for its shareholders.”
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