AXA to sell its Hungarian banking operations

AXA announced today that it has entered into an agreement with OTP Bank Plc to sell its Hungarian banking operations.
AXA Bank Hungary is a branch of AXA Bank Europe, managing a credit portfolio put in run-off in 2011, as well as daily banking operations. As this transaction is expected to result in an exceptional loss of ca. Euro 80 million accounted for in Net income, a provision was booked in the Group consolidated financial statements as of December 31, 2015.

“This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium”, said Jef Van In, Chief Executive Officer of AXA Bank Europe.

Completion of the transaction is subject to customary conditions, including obtaining required regulatory approvals, and should be finalized during the second semester of 2016.