Crelan, a Belgian bank with roots in agriculture, agreed to acquire the Belgian banking unit of AXA, a French multinational insurance firm, for $690m. The consideration comprises a total cash consideration of $600m and the transfer of 100% of Crelan Insurance, the insurance company of Crelan. "This transaction is another important step in the execution of our Ambition 2020 strategy, as we concentrate on businesses with critical scale and continue to simplify our business profile. We are extremely pleased to maintain our strong historical links through a continued partnership with AXA Bank Belgium, a key factor in this transaction, and to extend this partnership to Crelan’s network. Combining this with the transfer of Crelan’s insurance business to AXA, our leadership position in our preferred segments in Belgium will be further reinforced," Thomas Buberl, Chief Executive Officer of AXA.