Dexia signs Axa distribution deal for Turkey
Belgian-based Dexia has signed a 15-year exclusive agreement to distribute Axa's non-life insurance products through DenizBank's branch network, for a consideration of TRY55 million, equivalent to approximately €24 million.
The agency agreement also entails a profit-sharing mechanism whereby part of the future profits generated by Axa from the sales of its non-life insurance products through DenizBank branches over the next 15 years will be distributed to DenizBank.
The transaction is expected to close before the end of 2011, subject to standard regulatory approvals.
This transaction follows the agreement concerning the life insurance business in Turkey announced on 27 June, and would result in a positive P&L impact of about €19 million after taxes at closing.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk