European firms consider Barclay's Vie bid
European insurers are looking to take over half of Barclays French life insurance division
A host of European insurers are seeking to negotiate the
acquisition of a 50 per cent stake in Barclays Vie, it has been
Barclays are looking to offload half of their French life
insurance business for around £54.2 million, reports City AM.
Last week, the bank held preliminary talks with various major
insurers to begin the bidding process.
French groups CNP Assurances, Axa and La Mondiale are among the
parties reportedly interested in any possible deal.
Other firms such as Britain's Aviva, Germany's Allianz, Italian
insurer Generali and Swiss Life have also tabled a preliminary
offer of interest.
Any potential partnership is likely to be similar to Barclay's
deal to sell half of its Iberian life insurance division - Barclays
Vida y Pensiones Compañía de Seguro - to CNP Assurances last
CNP paid an initial €140 million (£117 million) in cash for the
stake, with an additional payment of €450 million (£377 million)
dependant on the success of the joint venture.