The Northern and Eastern Europe Region announces the acquisition of the Hungarian retail bank ELLA
News
Group, March 21, 2007
AXA Holdings Belgium SA announced on March 19, it has reached an agreement with to acquire 100% of the Hungarian retail bank ELLA and its affiliates.
"The acquisition of ELLA, a young and dynamic bank, will accelerate our development on the very promising Hungarian market," said Alfred Bouckaert, Head of AXA Northern and Eastern Europe Region, "We are convinced that retail banking services are a strategic add-on to our Financial Protection offer and we intend to leverage AXA Bank Belgium know-how to gradually develop these services across AXA Northern and Eastern Europe Region."
Originally specialized in on-line banking and today the fastest growing bank in Hungary, ELLA is the 6th largest supplier of mortgage loans in the country. At the end of 2006 it had total assets of EUR 375 million, with around 68,000 customers.
The objective of this transaction is to develop AXA's activities in Hungary by meeting all the needs of the Hungarian consumer via a broadening of the existing range of insurance products with retail banking services.
The combination of AXA Hungary's operations, the 5th largest company in the pensions market; with those of ELLA Bank shall duplicate the successful business model of AXA in Belgium.
Completion of this operation is subject to required regulatory approvals.