AXA ASIA PACIFIC PLANNING INDONESIAN JOINT VENTURE BANCASSURER

Australia-headquartered AXA Asia Pacific Holdings has set out plans to establish a $10m bancassurance joint venture with market-leading Indonesian bank Mandiri. AXA Asia Pacific said that it would own 51% of the Indonesia-based joint venture, which would initially market financial and wealth management products to the bank’s 6.7m domestic customers. AXA expects the venture to launch shortly and is targeting A$350m in funds under management within five years, based on reaching about 3% of Mandiri’s existing customer base.