BNP Paribas to Buy Fosun’s Stake in Belgian Insurer Ageas
- BNP, Ageas already have a Belgian insurance joint venture
- Bank to complete stake purchase after regulatory approvals
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BNP Paribas SA agreed to buy Fosun International Ltd.’s 9% stake in insurer Ageas for about €730 million ($777 million), tightening the French lender’s relationship with its partner in a Belgian business.
BNP Paribas’ insurance unit will buy a 4.8% stake in Ageas in the coming days, with the rest of the acquisition to be done after regulatory approvals are received, the bank said in a statement Sunday. Bloomberg News reported last month that BNP Paribas was considering the deal.