BNP Paribas' talks to buy the investment business of insurer AXA will trigger more deals, bankers say, as European money managers seek to fend off U.S. rivals and as customers demand cheap technology-driven investing.
BNP Paribas is in exclusive talks with French insurer AXA to aqcuire 100% of its AXA Investment Managers arm, the euro zone's biggest bank said on Thursday.
Macron's decision to dissolve the government led to market instability in France, affecting AXA's valuation. Price increases are a vital driver of revenue growth. AXA Q1 was also supported by higher asset management profits boosted by AuM flows. Solid balance sheet and attractive valuation. This is a clear buy.