Belgian post negotiating buyout of Axa insurance joint venture

The Belgian post office is negotiating compensation and the
buyout of Axa’s stake in a joint venture to sell insurance products via the
postal network, said a post spokesman. He confirmed that Fortis has been chosen as the single finance service
provider for the post and that the aim is to end the venture with Axa as soon as
possible and before its contract ends in 2004. “It is the intention to finish the contract with Axa, which means either
they have to stay to 2004… but we are negotiating now to finish before that
and will sell our insurance contract to Fortis,” he said. Negotiations with Axa are “going on. We are trying to find a way to end the
contract as soon as possible. It is not just compensation it is a buyout,” he
said, decling to discuss financial data. The deal with Fortis involves Fortis taking 100 pct in its existing banking
venture with the post and commits Fortis to grow sales of specially-created
products via the postal network, he said. nt/jlw
For more information and to contact AFX: www.afxnews.com and www.afxpress.comRBC NEWS, 19th July 2001