BNP Paribas becomes the largest shareholder of insurer Ageas
BNP Paribas, which previously bought Fortis Bank, will become the largest shareholder of insurance holding company Ageas with approximately 9 percent.
This was announced last weekend.
The bank buys out the Chinese party Fosun from the holding company. It is remarkable that a French group should help maintain the Belgian character of Ageas.
The entry of BNP Paribas into Ageas means a reunion between parties that were already involved during the financial crisis of 2008. Ageas, the former Fortis, had to be rescued during the financial crisis. The Belgian government then temporarily bought Fortis Bank, but then sold it to BNP Paribas. They then turned it into the BNP Paribas Fortis bank.
Since the rescue operation, Ageas has evolved into a successful international insurer. It has interests in Europe and China. It was recently in the market to buy the British Direct Line, but Ageas ultimately put those plans on hold.
Ageas’s shareholding has always been one of the more vulnerable sides of the group. The shares are very fragmented internationally, with the risk that the group falls into the ‘wrong’ hands. The few larger regular shareholders that Ageas had included mainly Chinese parties. Of these, only Fosun was left recently. After the announcement of these shares by BNP Fortis, Ageas shares rose on the Brussels stock exchange on Monday morning.
