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PARIS AXA S.A. and UkrSibbank, the Ukrainian banking subsidiary of France's BNP Paribas, announced Friday an agreement to acquire 99% of the shares of Vesko Insurance Co., Ukraine's 6th largest property and casualty insurer.
Vesko, an individual and commercial lines insurer based in Zaporozhe, Ukraine, had revenues of $28 million last year, the companies announced in a statement.
In June, AXA and UkrSibbank established a joint-venture called the Ukrainian Insurance Alliance.
The consolidation of Vesko and UIA's market shares will give AXA and BNP Paribas a 7% market share - or third place - in the Ukrainian insurance market, the companies said.
The transaction is subject to regulatory approvals and is expected to close before the end of the year.