MILAN: AXA wants to renew its bancassurance agreement with Italy’s Banca Monte dei Paschi di Siena and intends to remain a shareholder of the lender, the Chief Executive of the French insurer said on Thursday.
“We are shareholders and I see no reason to change the present situation,” Thomas Buberl (pictured) said in an interview with Italian daily Il Sole 24 Ore.
Buberl said AXA would spend around 1 billion euros (854 million pounds) a year on acquisitions but said it was not looking at large-size M&A deals.
He reiterated AXA was not interested in Italian peer Generali.
But he said the focus would be on organic growth.— Reuters
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