AXA and France-based financial services firm BNP Paribas have renewed their long-standing agreement through various industrial projects, which was dated December 15, 2005, for another three years.
Moreover, the currently signed agreement will automatically renew for successive one year periods thereafter.
According to the AXA, the new agreement includes the principal terms of the 2005 agreement. However, to take into account anticipated regulatory developments for financial institutions, BNP Paribas and AXA have not extended their respective commitments to maintain minimum cross shareholding participations, even though they currently do not contemplate unwinding them.
AXA Group is a global provider of insurance and asset management serving 96 million clients across 57 countries.
BNP Paribas has operations across Europe through its business lines. The group has four domestic retail banking markets in France, Italy, Belgium and Luxembourg. It has operations in 84 countries with workforce of 201,100 employees, including 158,800 in Europe, 15,100 in North America and 10,600 in Asia.