“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Axa to sell its activities in central and eastern Europe

Insurer announced an agreement with the Austrian Uniqa to divest it of its activities in central and eastern Europe. Change of course for Axa. The insurer has concluded an agreement with its Austrian counterpart Uniqa to divest it of its activities in central and eastern Europe for a billion euros, he announced Friday, February 7. According to this agreement, Axa would sell all of its life and savings, damage and retirement activities in Poland, the Czech Republic and Slovakia, "a new important step in the simplification of Axa's profile," he said in a statement. . However, the activities of Axa XL and Axa Partners in these three countries are not affected by the transaction.

Axa Building in Europe

The finalization of this sale, which should strengthen the group's balance sheet, should take place during the fourth quarter of 2020. It should, according to Axa, improve the group's economic solvency ratio by around 2 points. The transaction should not have a significant impact on its bottom line, the company said in its press release. In 2018, the group had published a net profit divided by almost three, weighted in particular by an exceptional charge, at 2.1 billion euros.

In detail, Axa Poland's turnover in 2018 represented 585 million euros, while the Czech Republic and Slovakia represented 170 million euros, all operations combined, over the same period. For Uniqa, which is based in Austria and also based in Eastern Europe, this acquisition will bring 5 million new customers, more than 2,000 more employees and 800 million euros in additional insurance premiums, he said in a separate press release. "We will significantly improve our position in each of these markets," said Andreas Brandstetter, the head of the Austrian insurer. Axa will publish its results on February 20. In December, the heavyweight of the sector announced that it had finalized the takeover of its Chinese damage insurance joint venture Axa Tianping, for 590 million euros, allowing it an unprecedented breakthrough in China.