M&A : AXA and BNP Paribas JV to buy 99% of Vesko
The global rush for Mergers and Takeovers in the Financial Services Industry has taken another huge leap with the announcement that AXA and UkrSibbank , aBNP Paribas subsidiary, have agreed to take a 99% share in Ukrainian insurer.
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AXA and UkrSibbank, the Ukrainian banking subsidiary of BNP Paribas, announced yesterday that they have reached an agreement to acquire 99% of the share capital of Vesko, Ukraine's 6th largest P&C insurer.
Vesko's revenues for 2006 of $28 million were well balanced between individual and commercial lines and between proprietary and non-proprietary distribution.
In June 2007, AXA and UkrSibbank agreed to join forces in the Ukrainian P&C insurance market, establishing a joint-venture called Ukrainian Insurance Alliance (UIA).
The consolidation of Vesko and UIA's market shares will give AXA and BNP Paribas the 3rd place (approx. 7% market share) on the fast growing Ukrainian market. Both companies will be held jointly by AXA and UkrSibbank and both will be under the management control of AXA.
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