FOCUS SHORT

AXA ends banking business in Slovakia

THE FRENCH financial group AXA is winding down its banking business in Slovakia to focus on different financial services. In late May AXA and UniCredit Bank Slovakia signed a cooperation agreement, based on which AXA Group will focus exclusively on insurance, pension savings and mutual fund investing, while UniCredit Bank will take up the banking portfolio.

THE FRENCH financial group AXA is winding down its banking business in Slovakia to focus on different financial services. In late May AXA and UniCredit Bank Slovakia signed a cooperation agreement, based on which AXA Group will focus exclusively on insurance, pension savings and mutual fund investing, while UniCredit Bank will take up the banking portfolio.

“A trend toward consolidation is visible on all European markets and AXA is primarily an insurance group,” Martin Vogl, CEO of AXA Financial Group for the Czech Republic and Slovakia, said as cited by the SITA newswire. “Therefore, the AXA Group decided to focus on the core business of insurance.”

AXA Bank Europe will end its business in Slovakia. AXA Bank will meet all its obligations toward clients, who can continue to use bank products of UniCredit Bank. Both companies signed a similar cooperation plan in the Czech Republic, according to the AXA Group.

Vogl said the strategy is the best way to continue business activities as efficiently as possible.
While AXA will focus exclusively on insurance services, its bank branch will gradually wind down activities during the second half of 2013 leading to a full cessation of banking activities in the Czech Republic and Slovakia.

Get daily Slovak news directly to your inbox

Theme: Foreigners in Slovakia

Read more articles by the topic

Top stories

News digest: Health care staff still lacking, president asks for amends

Slovakia is preparing to launch the nationwide testing on Saturday morning, but the government admitted they still need hundreds of health care staff. Kotleba violates quarantine and hospitals in the north are full.

The Bratislava Self-Governing Region started testing its staff on October 30.

Testing is impossible to carry out as planned, president says

President Zuzana Čaputová asked the government to reconsider measures for people who do not get tested, many will not get a chance.

President Zuzana Čaputová met with the representatives of the armed forces.

The big test is upon us. What are we to do?

For a foreigner living in Slovakia, there is yet another concern.

Health care professionals still lacking ahead of Saturday's testing

Government avoids mobilisation for now, PM offers an extra bonus to health care professionals who can serve the whole weekend.

Dolný Kubín