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Breakingviews – AXA’s fling with Monte Paschi ends on high note
Breakingviews - AXA’s fling with Monte Paschi ends on high note,AXA Chief Executive Thomas Buberl has emerged victorious from a risky bet. With its 200-million-euro investment in Banca Monte dei Paschi di Siena , the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. The Italian bank, majority-owned by the state, had initially struggled to find many takers as investors were mindful of how quickly it had burned through a jumbo 8-billion-euro government bailout since 2017. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi.

Breakingviews – AXA’s fling with Monte Paschi ends on high note

AXA Chief Executive Thomas Buberl has emerged victorious from a risky bet. With its 200-million-euro investment in Banca Monte dei Paschi di Siena , the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. The Italian bank, majority-owned by the state, had initially struggled to find many takers as investors were mindful of how quickly it had burned through a jumbo 8-billion-euro government bailout since 2017. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi.