31st Oct 2005 16:51
HSBC Holdings PLC31 October 2005 SALE OF FRAMLINGTON TO AXA COMPLETED Framlington Holdings Limited (FHL), which is co-owned by HSBC Holdings plc andComerica Incorporated, has completed the sale of its 90.8 per cent stake inLondon-based asset manager Framlington Group Limited to AXA Investment ManagersSA (AXA IM). HSBC Holdings plc indirectly owns 51 per cent of FHL while Comerica Incorporatedholds 49 per cent. To acquire FHL's stake in Framlington Group, AXA IM has paida consideration of £178.3 million in cash with a net asset adjustment to bedetermined. The sale was announced in July of this year and has received regulatory approvalfrom the Financial Services Authority. AXA IM is a member of the AXA Group. Notes to editors: 1. The HSBC GroupServing over 110 million customers worldwide, the HSBC Group has approximately9,700 offices in 77 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of US$1,467billion at 30 June 2005, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. 2. Comerica IncorporatedComerica Incorporated (NYSE: CMA) is a financial services company headquarteredin Detroit, strategically aligned into the Business Bank, Small Business &Personal Financial Services, and Wealth & Institutional Management. Comericafocuses on relationships, and helping businesses and people be successful.Comerica reported total assets of $54.3 billion at September 30, 2005. 3. AXA GroupAXA is a leader in Financial Protection, a business that involves offering itscustomers - individuals as well as small, mid-sized and large businesses - awide range of products and services that meet their insurance, protection,savings, retirement and financial planning needs throughout their lives. AXAreported assets under management totalling €827 billion at June 30, 2005, netrevenues of €37 billion and underlying earnings of €1.436 billion for first-half2005. 4. AXA Investment ManagersAXA IM is a multi-specialist asset management company within the AXA Group, aworld leader in financial protection and wealth management. AXA IM is one of thelargest European-based asset managers with approximately EUR382.4 billion***under management. AXA IM employs over 2,100 people*** and serves clients inthirteen countries. ***Source: AXA IM as at 30th June 2005 ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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