SWISS LIFE JOINT VENTURES SET TO SURVIVE BANKS’ TAKEOVER DEAL

Two insurance joint ventures between assurer Swiss Life and French bank CCF are set to continue — despite an 11bn-euro takeover plan being unveiled for the bank by UK-based banking group HSBC. Swiss Life, which is to sell 14.5% of CCF’s capital to HSBC as part of the takeover, holds majority stakes in the Erisa and Erisa IARD insurance ventures. However, HSBC described Swiss Life as an “excellent partner” for CCF and said that it planned to continue with the Erisa and Erisa IARD ventures. “We see that as a successful joint venture which has done extremely well and HSBC likes success and very seldom changes it”, the UK bank noted.