The National Australia Bank’s acquisition of AXA Asia Pacific Holdings is unlikely to have an impact on the latter’s Indian insurance and asset management ventures.
AXA Asia Pacific Holdings is responsible for life insurance business in India. AXA Asia Pacific and AXA SA hold 13 per cent each in Bharti Axa Life Insurance, the life insurance joint venture with telecom major Bharti, which holds 74 per cent.
“The acquisition is in the initial phase and yet to get regulatory approvals. AXA SA with buy out all Asian operations, while the businesses in Australia and New Zealand will be acquired by the Australian bank,” said a senior executive at Bharti AXA Life Insurance.
The non-life insurance business and the mutual fund company comes under AXA SA, the parent which is headquartered in Paris, and therefore, it will not have any impact.