After Dexia, which sold its life insurance subsidiary in France at BNP Paribas Assurance in December, it was the turn of Barclays France to seek a buyer for its life insurance subsidiary. According to information published in the daily La Tribune on Tuesday, the British bank is selling half the shares in its life insurance subsidiary. "The first round took place last week during which the takeover candidates have filed an initial non-binding offer," the newspaper said.
Valued around 130 million euros for 100% of capital, the subsidiary of interest to major European insurers. The Tribune cites the names of CNP Assurances, AXA, Aviva, Allianz, The World, Generali, Covea, Groupama or Swiss Life.
CNP Assurances and AXA favorites
According to La Tribune, Barclays Bank would seek a partner insurer in line with the target affluent customers that the bank prefers.What exlurait Groupama Covea, which would be considered too public.
Citing "several sources familiar with the matter," the paper argues that CNP Assurances and AXA would therefore Favorites payday loans. CNP Assurances was signed in June 2009 a 25 year contract with Barclays to expand its life insurance and retirement in Spain, Portugal and Italy. As for Axa, it is the provider of Barclays Bank two insurance products: Guaranteed life accidents and Master Life. The daily added that the group may also be based on proven experience in the field of bancassurance agreement, notably in Italy with the bank Monte dei Paschi di Siena.
Tough competition
But according to La Tribune, Axa has an advantage over CNP Assurances: the insurer owns a network specializing in life consists of general agents.What the British bank would be significant since it would consider "establishing a partnership Cros distribute its products in the distribution of the insurer," says The Tribune. But groups like Aviva, Allianz and Swiss Life have not yet said their last word. The competition looks tough.
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