Axa: In New Joint Venture With Indonesia's Bank Mandiri
05 Aprile 2011 - 4:38PM
Dow Jones News
French insurance company Axa SA (CS.FR) Tuesday said it plans to
establish a general insurance joint venture with Bank Mandiri in
Indonesia this year, without disclosing financials details or a
calendar.
MAIN FACTS:
- The joint venture will build on the existing life insurance
joint venture AXA Mandiri Financial Services which was formed in
2003, Axa said in a statement.
- Bank Mandiri is the largest bank in Indonesia, the company
said.
- For this start up joint venture operation, Bank Mandiri
together with Axa will acquire Asuransi Dharma Bangsa (ADB) in
which Bank Mandiri will own 60% and Axa 40%.
- The transaction is subject to the finalization of agreements,
relevant shareholder approvals, as well as regulatory
approvals.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740;
paris@priority.emea.dowjones.com
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