ABN AMRO’s Neuflize OBC Enters Exclusive Talks with BNP Paribas Cardif for Strategic Insurance Partnership

ABN AMRO’s Neuflize OBC Enters Exclusive Talks with BNP Paribas Cardif for Strategic Insurance Partnership

(IN BRIEF) ABN AMRO’s French private bank branch, Neuflize OBC, has initiated exclusive negotiations with BNP Paribas Cardif to forge a strategic partnership in life insurance in France. This collaboration involves the sale of Neuflize Vie, a joint venture between ABN AMRO and AXA, to BNP Paribas Cardif, positioning the latter as a dominant player in high-end life insurance in France. Additionally, BNP Paribas Cardif and Neuflize OBC plan to establish a strategic partnership to ensure continued access to premium insurance products for Neuflize OBC’s clientele. While the financial details remain undisclosed, the transaction is anticipated to have a minor positive impact on ABN AMRO’s CET1 capital ratio, pending regulatory approvals.

(PRESS RELEASE) AMSTERDAM, 17-May-2024 — /EuropaWire/ — ABN AMRO, through its French private bank branch Neuflize OBC, has entered into exclusive negotiations with BNP Paribas Cardif to form a strategic partnership in life insurance in France. This partnership will lead to a distribution agreement and the sale of Neuflize Vie to BNP Paribas Cardif, the insurance subsidiary of the BNP Paribas Group.

Neuflize Vie is the French insurance joint venture owned by ABN AMRO (60%) and AXA (40%). BNP Paribas Cardif intends to acquire all shares in Neuflize Vie for an undisclosed amount. The combination of BNP Paribas Cardif and Neuflize Vie will constitute an undisputed leader in high-end life insurance in France.

In addition, BNP Paribas Cardif and Neuflize OBC intend to enter into a strategic partnership to ensure that Neuflize OBC’s clients continue to have access to high-end insurance products.

The transaction will marginally affect ABN AMRO’s profitability and RWAs, resulting in a minor positive impact on ABN AMRO’s CET1 capital ratio.

To date, this transaction remains subject to the approval of the competent regulatory and competition authorities as well as to applicable procedures concerning the employees involved.

Media Contact:

Marieke Ziedses des Plantes
Sr Press Officer Corporate Banking, Wealth Management
marieke.ziedses.des.plantes@nl.abnamro.com
+31 (0)20 6288900

SOURCE: ABN AMRO