AXA, a company focused on financial protection, insurance and asset management, and Monte dei Paschi di Siena Bank, have finalized a long-term partnership agreement in life and non-life bancassurance as well as in pension business in Italy.

As part of this partnership, AXA has acquired 50% of MPS Vita and MPS Danni, 50% of Monte dei Paschi di Siena Bank (BMPS) open pension funds business and will take on the management of the insurance companies’ assets and open pension funds’ assets.