By Elena Vardon
ABN AMRO is in talks with BNP Paribas Cardif to sell its stake in its French life-insurance joint venture Neuflize Vie.
The Dutch bank said Friday that it started negotiations to form a strategic partnership in life insurance in France with the buyer, which includes a distribution agreement and the sale of Neuflize Vie for an undisclosed amount.
ABN AMRO owns a 60% stake in Neuflize Vie through its private bank branch Neuflize OBC, while insurer AXA owns the remaining 40%. BNP Paribas Cardif is the insurance subsidiary of French lender BNP Paribas.
The deal remains subject to certain approvals, it said.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
05-17-24 0408ET