(Australia) – Global bancassurance giant AXA has poured cold water on speculation on a merger with rival AMP, but says it is interested in forming joint venture relationships with banks.AXA Asia Pacific Chief Executive Les Owen told Australian television AXA has successful joint ventures with banks in Thailand, the Philippines, and had just announced another with Bank Mandiri in Indonesia.
“I’ve made it clear that we don’t think there’s necessarily logic in banks acquiring large wealth management businesses,” Owen said.
“The banks’ issue is – how can they cross sell to their customer base?
“What we do believe is that there are lots of synergies between banks and wealth management and insurance businesses through properly structured joint ventures.”