Axa creates single holding structure for European retail banking ops |
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Mon, 03 Dec 2007 17:47
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PARIS (Thomson Financial) - Axa said it is to create a holding structure called AXA Bank Europe from which to coordinate its European retail banking activities.No financial details were disclosed.In a statement Axa, which currently operates banks in Belgium, France, Germany and Hungary said it is to use the existing AXA Bank Belgium, as the centralizing legal entity for the operation.It said its other banks will operate as subsidiaries or branches of Axa Europe in close cooperation with its local insurance operations.Axa said the objective of the reorganization is to offer retail banking products alongside its financial protection range and control 'risk management' throughout Europe.AXA Bank Europe is to be supervised by Alfred Bouckaert, a member of AXAs Management Board, it said.tfn.paris@thomson.commrg/rwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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