Paris-based insurer AXA said it has entered into an agreement with Athens, Greece-based Alpha Bank to acquire its insurance subsidiary Alpha Insurance for Euro 255 million (U.S. $319 million.)
AXA and Alpha Bank, Greece's second largest bank, said they have signed a long-term exclusive agreement to pursue and strengthen the existing relationship that would allow AXA to continue selling insurance through Alpha bank offices.
AXA said Alpha Insurance is one of the top ten composite insurers in the Greek market with solid positions on profitable segments. Its distribution network is tied through 700 direct agents and the 380 branches of Alpha Bank. Alpha Insurance recorded revenues of Euro 151 million ($189 million) in 2005.
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