French insurance coverage main AXA has concluded the sale of a 7.94% stake in Banca Monte Dei Paschi di Siena (MPS) in a deal valued at €233m.
The insurer offered 100 million shares within the Italian financial institution, which it had acquired as a part of MPS’ €2.5bn capital enhance final yr.
On the time, AXA paid €200m for the shares, making it the second largest shareholder within the troubled financial institution after the Italian authorities.
The proceeds have been utilized by the financial institution to assist a group-wide restructuring together with hundreds of job cuts.
Saying the sale, AXA stated: “As a long-standing three way partnership companion of the financial institution, AXA supported the financial institution by collaborating in its most up-to-date capital enhance as a monetary funding.
“As AXA doesn’t want to search illustration on the board on the financial institution’s upcoming shareholders’ annual normal assembly, or affect the financial institution’s broader long-term technique, AXA believes it’s well timed to promote its participation bought within the capital enhance.”
Upon completion, the insurer will retain 0.0007% of the financial institution’s share capital immediately or not directly.
As MPS’s insurance coverage companion, AXA has made investments within the financial institution up to now.
“The Providing doesn’t affect in any means AXA’s partnership with the Financial institution or AXA’s dedication to the Italian market,” the insurer famous.
Final yr in October, AXA Spain started unique talks with Groupe des Assurances du Crédit Mutuel to purchase its P&C and medical insurance subsidiary Groupe Assurances du Crédit Mutuel España.