March 17, 2014 / 6:32 PM / 4 years ago

AXA and BNP Paribas end off reciprocal shareholdings

PARIS (Reuters) - French insurer AXA and BNP Paribas said on Monday they were putting an end to a pact signed in 2005 that saw the financial institutions own cross-holdings of each others’ shares.

An Axa spokesman said the insurer sold 3.9 percent of its shares in BNP Paribas in 2013.

“Axa and BNP reaffirm their intent to maintain their relationship and the continuity of their historical links and partnerships, which have contributed to the success and growth of both groups,” the companies said in a joint statement.

Reporting Maya Nikolaeva; Editing Leila Abboud

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