French-based insurance group Axa has closed in on its proposed E7.6 billion acquisition of Swiss insurer Winterthur after receiving US, Swiss and European Commission antitrust approvals for the deal.
Axa is buying Winterthur from Credit Suisse in a transaction that is expected to close on December 31, 2006.
If the deal is successfully completed, the enlarged northern and eastern European business will be placed under the supervision of Alfred Bouckaert, currently CEO of Axa Belgium and group regional CEO for northern Europe.
Meanwhile, Eugene Teysen, the present chief executive officer of Axa Konzern in Germany, has been named the chief executive officer of the insurance and banking activities in Belgium.
In the UK & Ireland Region, under the supervision of CEO Nicolas Moreau, Mike Kellard, who is CEO of Winterthur UK, will report to Paul Evans, CEO of Axa Life.