Business as usual for AXA Philippines after BNP Paribas’ takeover of parent company
Business will continue as usual—if not better—for AXA Philippines following the $6.3-billion (5.4 billion euros) sale of its parent firm, AXA Investment Managers (AXA IM), to French asset manager BNP Paribas.
In a statement on Monday, AXA Philippines said customers “can expect uninterrupted service and continued stability” amid the transition.
Upon closing the deal will result in a combined $1.73-trillion (1.5 trillion euros) in assets under management.
AXA IM is currently the Philippine unit’s provider of investment-linked life insurance global funds, including the AXA Global Edge Equity Fund and AXA Global Dynamic Allocation Fund.
The multibillion-dollar deal will not impact the group’s business, fund managers, fund names and investment strategies, among others, according to AXA Philippines.
“This strategic partnership allows us to tap into the global expertise of BNP Paribas while continuing to offer our customers the same expertise they expect from AXA,” said Ayman Kandil, AXA Philippines president and CEO.
“Our customers can be assured that their investments remain in good hands and that there will be no disruption in fund performance monitoring, customer support or access to investment insights,” Kandil added.
BNP Paribas currently operates across 64 countries and specializes in commercial, personal banking and services.
For its part, AXA said the acquisition supported the group’s goal of simplifying its business model “by focusing resources on its core insurance offers,” including life, savings, property and casualty and health.
AXA is expected to retain full authority over product design, asset allocation and asset-liability management decisions, the company clarified.
AXA Philippines, a joint venture among the AXA Group, conglomerate GT Capital Holdings Inc. and Metropolitan Bank and Trust Co., currently services nearly 2 million customers.
