The acquisition of AXA Bank Belgium by the Crelan group has been finalized and the actual integration of both banks can now be started. Crelan provides for this for more than two years, according to a press release on Wednesday.
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Within 27 months, the name AXA Bank will disappear from the streets and those offices will be converted into Crelan. “In the first instance, the two banks will therefore continue to exist side by side and nothing will change for the customers. And also in a later phase during the actual migration and integration, Crelan will do everything in its power to make the process as smooth and efficient as possible for the customers. expire,” the press release reads.
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It has not yet been decided whether bank branches will also disappear or merge, Crelan emphasizes. “We will consult with the social partners and representatives of the independent banking agents to ensure that the merger process runs in an optimal and transparent manner,” it said. But Crelan does expect that by bundling competencies in the sales networks, it will be able to respond better to specialized requests for advice from customers.
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Uniform IT-platform
The products and processes of both banks will gradually be aligned over the next few years. In addition, substantial investments are being made in a uniform IT platform. Crelan foresees 131 million euros over the next two years for the integration and another 50 million euros for the further modernization of the IT system.
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As far as the insurance offer is concerned, AXA Belgium’s non-life and outstanding balance insurance will continue to be sold in all Crelan offices. The agreement has been in place since the beginning of last year and is for a “long term”.
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Doubling in size
For Crelan, the takeover means a doubling in size. The merged bank, with a balance sheet total of approximately 53 billion euros, will occupy fifth place in the Belgian banking landscape, after the four major banks (BNP Paribas Fortis, KBC, Belfius, ING Belgium) and ahead of Argenta. The group will have a solid capital structure with a Total Capital ratio of 18.8 percent, it said.
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Luc Versele, chairman of the board of directors of Crelan: “We very quickly noticed the opportunity of this operation for the future of our bank and we have always believed in a good outcome throughout the process. We remain a 100 percent Belgian bank with a 100 percent cooperative anchoring. With our network of independent agents, coupled with a modern digitization of banking services, we offer our customers a unique banking model. This operation enables us to further improve our services and our profitability in the future. and thus ensure the future of our banking model”.
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Versele is now also chairman of AXA Bank Belgium. A new executive committee will lead both banks during the transition period and afterwards the merged bank. A number of former AXA directors such as Jeroen Ghysel (CIO), Emmanuel Vercoustre (CFO) and Pieter Desmedt (CRO) also sit on that management committee.
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