ALPHA SERVICES AND HOLDINGS S.A.
Alpha Bank joins forces with worldwide insurance leader AXA to expand the bancassurance business
Alpha Bank announces that it has signed an agreement for the sale of its subsidiary Alpha Ιnsurance to AXA for Euro 255 million. Alpha Insurance will become a wholly owned subsidiary of AXA, a worldwide leader in financial protection, to the benefit of its customers and employees.
Alpha Bank and AXA have also signed a long-term exclusive bancassurance agreement for the distribution of AXA insurance products through Alpha Bank?s extensive Branch Network. Under the agreement, Alpha Bank will distribute the products and AXA, one of the largest and strongest insurance companies in the world, will originate and underwrite them.
At the same time, Alpha Bank and AXA will combine their asset management and insurance know-how to offer innovative life and non-life products of high quality and added value, enhancing the customers'' ability to manage more effectively their assets and meet their insurance needs. The Bank, therefore, strengthens its position in a market with excellent prospects, in a period when incomes and demand for bancassurance products will be growing both in Greece and in Southeastern Europe.
Demetrios P. Mantzounis, Managing Director of Alpha Bank said: I am delighted to announce an agreement with AXA, which heralds a new era for Alpha Bank in the bancassurance business. Our close co-operation with AXA will best serve the interests of our clients and create value for our shareholders.
About AXA
AXA Group is a worldwide leader in Financial Protection. AXA''s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,091 billion in assets under management as of June 30, 2006, and reported total revenues of Euro 41 billion and underlying earnings of Euro 2,090 million for the first half of 2006. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
About Alpha Bank
Alpha Bank, founded in 1879, is the second largest Bank in Greece. With more than 600 branches, Alpha Bank is also active in South Eastern Europe and Cyprus. Alpha Bank offers a comprehensive range of financial services to private and corporate customers. With approximately Euro 46 billion in assets and about Euro 3 billion in equity at 30 June 2006, Alpha Bank generated Euro 306 million in the first half of 2006 in net profit attributable to shareholders. Alpha Bank is listed on the Athens Exchange with a market capitalisation of about Euro 9 billion and is a constituent of the Eurofirst 300 Index.
About Alpha Insurance
Alpha Insurance is a top 10 insurance company in Greece with approximately 4% market share in life and non-life products. Its distribution capability includes over 700 tied agents as well as the Branch Network of Alpha Bank. As of 30 June 2006, total assets stood at Euro 411 million with a book value in excess of Euro 74 million. Alpha Insurance net premiums revenue in the first half of 2006 was Euro 59 million with net after tax profit of Euro 5.5 million.
Alpha Bank and AXA have also signed a long-term exclusive bancassurance agreement for the distribution of AXA insurance products through Alpha Bank?s extensive Branch Network. Under the agreement, Alpha Bank will distribute the products and AXA, one of the largest and strongest insurance companies in the world, will originate and underwrite them.
At the same time, Alpha Bank and AXA will combine their asset management and insurance know-how to offer innovative life and non-life products of high quality and added value, enhancing the customers'' ability to manage more effectively their assets and meet their insurance needs. The Bank, therefore, strengthens its position in a market with excellent prospects, in a period when incomes and demand for bancassurance products will be growing both in Greece and in Southeastern Europe.
Demetrios P. Mantzounis, Managing Director of Alpha Bank said: I am delighted to announce an agreement with AXA, which heralds a new era for Alpha Bank in the bancassurance business. Our close co-operation with AXA will best serve the interests of our clients and create value for our shareholders.
About AXA
AXA Group is a worldwide leader in Financial Protection. AXA''s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. AXA had Euro 1,091 billion in assets under management as of June 30, 2006, and reported total revenues of Euro 41 billion and underlying earnings of Euro 2,090 million for the first half of 2006. The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
About Alpha Bank
Alpha Bank, founded in 1879, is the second largest Bank in Greece. With more than 600 branches, Alpha Bank is also active in South Eastern Europe and Cyprus. Alpha Bank offers a comprehensive range of financial services to private and corporate customers. With approximately Euro 46 billion in assets and about Euro 3 billion in equity at 30 June 2006, Alpha Bank generated Euro 306 million in the first half of 2006 in net profit attributable to shareholders. Alpha Bank is listed on the Athens Exchange with a market capitalisation of about Euro 9 billion and is a constituent of the Eurofirst 300 Index.
About Alpha Insurance
Alpha Insurance is a top 10 insurance company in Greece with approximately 4% market share in life and non-life products. Its distribution capability includes over 700 tied agents as well as the Branch Network of Alpha Bank. As of 30 June 2006, total assets stood at Euro 411 million with a book value in excess of Euro 74 million. Alpha Insurance net premiums revenue in the first half of 2006 was Euro 59 million with net after tax profit of Euro 5.5 million.