法国保险公司AXA预计将在明年失去与意大利银行蒙特·德伊·帕斯基（Banca Monte dei Paschi di Siena SpA）的分销合作伙伴关系，这可能使该保险公司在意大利金融界正在掀起的交易浪潮中处于不利地位。
SA expects to lose its distribution partnership with Banca Monte dei Paschi di Siena SpA next year, potentially putting the insurer on the losing side of the deals wave washing across Italian finance.
知情人士透露，AXA的管理层最近在内部以及与顾问的讨论中提及了这一话题，原因是意大利局势的最新发展增加了蒙特·德伊·帕斯基被竞争对手英蒂萨·圣保罗银行（Intesa Sanpaolo SpA）收购的可能性。这些人士要求匿名，以便讨论私人信息。
Axa’s management recently discussed the topic internally as well as with advisers following the latest developments in Italy, which have increased the chances that Monte Paschi will be taken over by rival Intesa Sanpaolo SpA, according to people familiar with the matter. The overall view was that this has further raised the likelihood the French insurer’s contract with the Italian bank will get terminated when it’s up for renewal in about a year, the people said, asking not to be identified discussing private information.
这些人士表示，总体看法是，这进一步提高了AXA与意大利银行的合同在大约一年后到期续约时被终止的可能性。AXA和蒙特·德伊·帕斯基的代表拒绝置评。
Representatives for Axa and Monte Paschi declined to comment.
这一潜在合作伙伴关系的丧失凸显了意大利金融部门所有权结构和忠诚关系的变化如何在国界之外产生回响。彭博社此前报道，法国银行农信银行（Credit Agricole SA）旗下资产管理部门Amundi与意大利银行UniCredit SpA之间的本地分销合作伙伴关系也面临风险，部分原因是双方对意大利交易浪潮应如何发展存在分歧。
The potential loss of the lucrative and long-lasting partnership highlights how the shifting ownership structures and allegiances across Italy’s finance sector are reverberating beyond the country’s borders. A local distribution partnership between Amundi, the asset management arm of French bank Credit Agricole SA, and UniCredit SpA is also at risk, partly due to diverging interests over how the Italian deals wave should play out, Bloomberg has reported.
蒙特·德伊·帕斯基首席执行官路易吉·洛瓦格利奥（Luigi Lovaglio）阻止被英蒂萨收购的努力最近遭到打击，因为几位关键投资者表示，他们反对他收购另外两家银行——Banco BPM SpA和Banca Generali SpA——的反制举措。这些表态意味着洛瓦格利奥获得股东在本月晚些时候会议上批准其交易方案的可能性较低。
The effort by Monte Paschi CEO Luigi Lovaglio to prevent the takeover by Intesa was recently dealt a blow when several key investors said they’re opposed to his counter-move to buy two other banks, Banco BPM SpA and Banca Generali SpA. The statements mean Lovaglio’s chances are low to get the approval from shareholders at a meeting later this month to pursue the deals.
AXA首席执行官托马斯·伯伯尔（Thomas Buberl）曾将蒙特·德伊·帕斯基的协议描述为对公司具有“重大意义”。
Axa Chief Executive Officer Thomas Buberl has described the Monte Paschi agreement as being of “great importance” to his firm.
该保险公司将在“未来几个月”讨论该合同，并已做好“所有选项”的准备，欧洲市场与健康业务负责人帕特里克·科恩（Patrick Cohen）在9月的一次分析师电话会议上表示。科恩补充称，该国两项较近期的收购——努比斯集团（Gruppo Nobis）和普里玛保险（Prima Assicurazioni）——已降低了安盛（Axa）对该合作伙伴关系的依赖，他表示，如果合作终止，安盛在欧洲的人寿与健康业务将损失不到2%的收益。
The insurer will discuss the contract “in the coming months” and it’s prepared for “all options,” European Markets & Health head Patrick Cohen said during an analyst call in September. Two fairly recent acquisitions in the country — Gruppo Nobis and Prima Assicurazioni — have reduced Axa’s dependence on the partnership, Cohen added, saying the firm would lose less than 2% of earnings in Europe on the Life & Health business if it ended.
如果英蒂萨（Intesa）成功收购蒙特帕斯基银行（Monte Paschi），它计划将该公司相当一部分股权出售给另一家保险公司尤尼波尔集团（Unipol Gruppo SpA）。这种结构使得尤尼波尔很可能会争夺这些有利可图的分销协议。
If Intesa succeeds in buying Monte Paschi, it plans to sell a considerable chunk of the firm to another insurer, Unipol Gruppo SpA. That structure makes it likely that Unipol would vie for the lucrative distribution deals.
即使蒙特帕斯基银行保持独立，安盛与该银行的合同也可能面临风险。洛瓦格里奥（Lovaglio）表示，他将与巴扎雷利银行（Banca Generali）的交易视为与母公司意大利保险集团（Assicurazioni Generali SpA）建立更广泛产业合作伙伴关系的第一步。该保险公司首席执行官菲利普·多内（Philippe Donnet）也发表了类似言论。
Axa’s Monte Paschi contract could be at risk even if the bank stays independent. Lovaglio has said he sees the Banca Generali deal as the first step toward a broader industrial partnership with the parent, Assicurazioni Generali SpA. The insurer’s CEO, Philippe Donnet, has made similar comments.
蒙特帕斯基银行因去年收购竞争对手梅迪奥班卡（Mediobanca），在意大利保险集团（Generali）中持有大量股份。
Monte Paschi holds a large stake in Generali, thanks to its acquisition of competitor Mediobanca last year.
安盛与蒙特帕斯基银行的合作伙伴关系最初于2007年签署，随后于2017年续签。该合作涉及一项银行保险交易以及一家涵盖人寿、非人寿和养老金产品的合资企业，合作期限至2027年。
The partnership between Axa and Monte Paschi was first signed in 2007 and subsequently renewed in 2017. It involves a bancassurance deal and a joint venture covering life, non-life, and pension products that runs through 2027.
知情人士表示，如果合同明年不续签，安盛将有权获得一笔财务补偿，这笔补偿部分将来自其在与蒙特帕斯基银行的合资企业中的股权。
If the contract doesn’t get renewed next year, Axa would be set to receive a financial compensation that would come in part from its stakes in the joint ventures with Monte Paschi, the people said.