AXA AND BBVA BANK REORGANISE INSURANCE HOLDINGS IN SPAIN

French insurer AXA has acquired Spanish bank BBVA’s 30% stake in AXA Aurora for 205m euros, giving it full control of its Spanish holding company. Simultaneously, BBVA bought a 21.4% stake in Hilo Direct Seguros from AXA Aurora for 7.5m euros, meaning that the Spanish insurer is now half-owned by BBVA and half by AXA Aurora. BBVA and AXA Aurora launched Hilo Direct Seguros in 1996 to develop direct selling of motor insurance products on the Spanish market via telephone and Internet. AXA and BBVA said that the transactions were consistent with their strategy of reorganising their insurance holdings in Spain.