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AXA and BNP Reportedly Exploring Asset Management JV; Credit Positive

FINANCIALS
  • BBG sources reporting that AXA and BNP are in talks to create a JV, merging AXA IM and BNP Paribas AM, managing roughly EUR 1.4tn.
  • Discussions ongoing with no guarantee of a deal; AXA also reportedly considering other French rivals.
  • Looks positive to us at face value from cost-saving perspective.

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