AXA and MPS opens new company in Italy

AXA and Banca Monte dei Paschi di Siena have finalized their partnership agreement on the Italian financial protection market, under which AXA will acquire 50% of MPS Vita and MPS Danni, 50% of BMPS open pension funds business and takes on the management of the insurance companies' assets and open pension funds' assets.

The new company, with its head office in Rome, will also serve as a platform for new distribution agreements. The transaction received all necessary regulatory approvals.

This agreement, which seals the union between Banca Monte dei Paschi di Siena’s (BNPS) experience and knowledge of the Italian market and AXA’s know-how, will enable AXA to develop on pension and bancassurance market in Europe via Monte dei Paschi di Siena’s network of 1900 branches and 700 financial advisers.