1222 GMT - The so-called Danish compromise rule gives European banks an advantage when buying asset management divisions, NN Group CEO David Knibbe told Bloomberg at the World Economic Forum in Davos. The European directive allows banks to reduce the hit to their capital when purchasing asset management businesses using their insurance subsidiaries, and is being used by BNP Paribas to buy AXA Investment Managers. Meanwhile, Banco BPM also intends to leverage the compromise in its acquisition of Anima. The Dutch insurer's CEO said he has complained about this to regulators. "It is not very much facilitated that insurance companies own a bank...while the other way around has been made, from a capital point of view, relatively attractive," he says. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 07:22 ET (12:22 GMT)
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