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AXA will remain shareholder of Monte Paschi - CEO to paper
June 1, 2017 / 6:07 AM / 6 months ago

AXA will remain shareholder of Monte Paschi - CEO to paper

MILAN (Reuters) - AXA wants to renew its bancassurance agreement with Italy’s Banca Monte dei Paschi di Siena and intends to remain a shareholder of the lender, the Chief Executive of the French insurer said on Thursday.

FILE PHOTO: Thomas Buberl, CEO of French insurer AXA, speaks during the company's 2016 annual results presentation in Paris, France, February 23, 2017. REUTERS/Charles Platiau/File Photo

“We are shareholders and I see no reason to change the present situation,” Thomas Buberl said in an interview with Italian daily Il Sole 24 Ore.

Buberl said AXA would spend around 1 billion euros (854 million pounds) a year on acquisitions but said it was not looking at large-size M&A deals. He reiterated AXA was not interested in Italian peer Generali.

But he said the focus would be on organic growth.

“Today we have no need to launch any capital increase,” he said.

Reporting by Stephen Jewkes

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