Launching of a new company in Italy: AXA-MPS

AXA and BMPS (Banca Monte dei Paschi di Siena), leader of one of the top five banking groups in Italy, announced on October 19 the finalization of their partnership agreement on the Italian Financial Protection market.

As part of this partnership, AXA acquires 50% of MPS Vita (life and savings) and MPS Danni (P&C), 50% of BMPS open pension funds business and takes on the management of the insurance companies' assets and open pension funds' assets. The transaction, announced on March, 23, 2007, received all necessary regulatory approvals, and closed on October 19, 2007.

This agreement, which seals the union between BMPS's experience and knowledge of the Italian market and AXA's know-how, will enable AXA to develop on the fourth largest pension and bancassurance market in Europe via Monte dei Paschi di Siena's network of 1900 branches and 700 financial advisers. The 180 staff of the new joint venture under the responsibility of Frédéric de Courtois*, will be joining AXA Group, in charge of company management.

Jean-Raymond Abat, Frédéric de Courtois, Denis Duverne and Massimo Michaud (CEO of AXA Assicurazioni in Italy) will be on the board of directors of the two new Italian affiliates AXA-MPS Vita and Danni.

The new company, with its head office in Rome, will also serve as a platform for new distribution agreements.

*Frédéric de Courtois was previously Representative Director of AXA Japan Holding CFO of AXA Life Insurance in Japan.