ABN AMRO to sell its stake in the life insurance joint venture Neuflize Vie

Neuflize Vie is the French insurance joint venture owned by ABN AMRO (60%) and AXA (40%). BNP Paribas Cardif intends to acquire all shares in Neuflize Vie for an undisclosed amount. The combination of BNP Paribas Cardif and Neuflize Vie will constitute an undisputed leader in high-end life insurance in France.

In addition, BNP Paribas Cardif and Neuflize OBC intend to enter into a strategic partnership to ensure that Neuflize OBC's clients continue to have access to high-end insurance products.

The transaction will marginally affect ABN AMRO’s profitability and RWAs, resulting in a minor positive impact on ABN AMRO’s CET1 capital ratio.

To date, this transaction remains subject to the approval of the competent regulatory and competition authorities as well as to applicable procedures concerning the employees involved.