Dexia signs Axa distribution deal for Turkey
Belgian-based Dexia has signed a 15-year exclusive agreement to distribute Axa's non-life insurance products through DenizBank's branch network, for a consideration of TRY55 million, equivalent to approximately €24 million.
The agency agreement also entails a profit-sharing mechanism whereby part of the future profits generated by Axa from the sales of its non-life insurance products through DenizBank branches over the next 15 years will be distributed to DenizBank.
The transaction is expected to close before the end of 2011, subject to standard regulatory approvals.
This transaction follows the agreement concerning the life insurance business in Turkey announced on 27 June, and would result in a positive P&L impact of about €19 million after taxes at closing.
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