FRANCE’S AXA COMMITS TO “STRENGTHEN TIES” WITH LOCAL BANK

French insurer AXA and locally based bank BNP Paribas have signed a pact reaffirming their commitment to strengthened ties between the two groups. The pact replaces previous agreements that existed between AXA and Paribas, which was taken over by BNP. The agreement commits both parties to maintaining a minimum cross-holding of shares, with AXA to retain at least a 4.9% stake in BNP Paribas and grants each a call right in the event of a change in control of the other group. Both parties insisted that the pact maintained the independence of their existing corporate structures.