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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