AXA Asia Pacific Holdings Limited ACN 069 123 011
12 October 2000

AXA Trustees Limited sold

AXA Asia Pacific Holdings Limited today announced the sale of AXA Trustees Limited, its private client and corporate trustee business, to Perpetual Trustees Australia Limited.

The sale is consistent with AXA Asia Pacific’s strategy to concentrate its efforts on wealth accumulation and financial protection.

AXA Asia Pacific will receive consideration from Perpetual of $24 million from the sale of AXA Trustees representing goodwill of approximately $16 million and resulting in a significant return above its current holding value.

The sale is expected to be EPS neutral for AXA Asia Pacific shareholders.

AXA Asia Pacific Director eCommerce and Business Development Mark Armour, said AXA Trustees had been developed into a sound company and that AXA Asia Pacific was delighted with the excellent price it had received for the sale.

Mr. Armour said AXA Trustees’ clients can expect a smooth transition to Perpetual as all the company’s operations will be transferred to Perpetual, causing minimal disruption.

“The sale of AXA Trustees allows AXA Asia Pacific to concentrate its efforts on wealth accumulation and financial protection, with a particular focus on building our funds management activities.

“The Trustee business is highly specialised and very competitive. Recent regulatory changes have increased the pressure for rationalisation within the sector, requiring scale to remain a competitive player,” Mr. Armour said.

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Enquiries:

Simon Morgan Media Relations Manager Tel: (03) 9618 4944
Mark Armour Director eCommerce & Business Development Tel: (03) 9617 2468