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Axa sells trustee business

By Phil Boeyen, ShareChat Business News Editor

Thursday 12th October 2000

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Axa Asia Pacific is selling its private client and corporate trustee business, Axa Trustees, to Perpetual Trustees Australia.

The company says the sale is consistent with its strategy to concentrate its efforts on wealth accumulation and financial protection.

Axa says Perpetual will pay A$24 million, representing goodwill of around A$16 million and resulting in a significant return above its current holding value.

Spokesman Mark Armour says the company is delighted with the excellent price for the trustee division.

"The sale of Axa Trustees allows Axa Asia Pacific to concentrate its efforts on wealth accumulation and financial protection, with a particular focus on building our funds management activities."

"The Trustee business is highly specialised and very competitive. Recent regulatory changes have increased the pressure for rationalisation within the sector, requiring scale to remain a competitive player."

The company says the sale will not affect its earnings per share.

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