French insurance group Axa has signed an agreement to sell its asset management subsidiary AXA IM to BNP Paribas, according to a press release published on Saturday.

BNP Paribas Cardif, the insurance subsidiary of BNP Paribas, had announced in August that it had entered into exclusive negotiations with Axa with a view to acquiring 100% of Axa IM.

"As a reminder, the price agreed for the acquisition and the implementation of the long-term partnership is EUR 5.1 bn at closing scheduled for mid-2025 with an anticipated impact on the BNP Paribas Group's CET1 ratio of 25 bp subject to agreements with the relevant authorities," BNP Paribas said in a statement.

The new entity would represent 1,500 billion euros in assets under management, making it the second-largest European player in the sector behind Amundi.

(Written by Bertrand De Meyer)