Reuters logo
AXA buys stake in Colombia's Colpatria for 259 mln eur
November 11, 2013 / 8:02 AM / 4 years ago

AXA buys stake in Colombia's Colpatria for 259 mln eur

PARIS, Nov 11 (Reuters) - French insurance group AXA said on Monday it will buy a 51 percent stake in the insurance operations of Colombian group Colpatria for 259 million euros ($346 million) in a move to enter the Colombian insurance market.

Colpatria’s unit, called Colpatria Seguros, is Colombia’s fourth biggest insurance company, with a market share of 7 percent, AXA said in a statement.

“This acquisition gives AXA a unique opportunity to enter the fast-growing Colombian insurance market with well-established positions in all lines of business, while benefiting from the support of a solid and reputable local partner,” Henri de Castries, Chairman and CEO of AXA, said in a statement.

Reporting by Blaise Robinson

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below