Combination of Royale Belge and AXA Belgium Proceeds

AXA Belgium's and Royale Belge's respective Board members have approved the AXA Group's proposal to merge both companies in Belgium. According to a company statement, the new company will hold a leading position in the brokerage distribution channel.

Patrick de Courcel is appointed chief executive officer of AXA Holdings Belgium (former Royale Vendome) and chief executive officer of Royale Belge and AXA Belgium. He is in charge of reorganizing operations in Belgium for the AXA Group and more specifically, takes charge of implementing the merger.

The AXA Group owns 92.2 percent of Royale Belge's share capital, following the success of the Public Exchange Offer. In accordance with current legislation, a second offer period is under way.

In the Netherlands, UAP-NieuwRotterdam has just decided to acquire AXA Leven, which was owned by Sun Life & Provincial Holdings (72 percent controlled by the AXA Group). Royale Belge should acquire from the AXA Group its 43.1 percent stake in UAP-NR. In Luxembourg, AXA Luxembourg will merge with Royale UAP, a subsidiary of Royale Belge.

Beside these financial operations in the Netherlands and in Luxembourg, merger processes and team reengineering have already started in the Netherlands, and are under study in Luxembourg. The AXA Group, is an international group of insurance and related financial services companies. AXA's insurance operations are diverse geographically, with activities in 50 countries, principally Western Europe, North America and the Asia/Pacific area. In the United States, AXA is represented through its 60 percent holding in The Equitable Companies and its subsidiaries, Equitable Life, Alliance Capital Management and Donaldson, Lufkin & Jenrette.