Reported about 21 hours ago
BNP Paribas has completed a €5.1 billion ($5.3 billion) acquisition of Axa's asset management unit, marking a significant move for CEO Jean-Laurent Bonnafe. This deal, expected to finalize by mid-next year, will create one of Europe's largest money managers with approximately €1.5 trillion in assets. The acquisition positions BNP to better compete with top asset managers in Europe, while Axa plans to utilize the sale proceeds for stock buybacks and growth initiatives.
Source: YAHOO