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Swiss Life (Belgium) to sell its stake in Crédit Agricole (Belgium) while maintaining a distribution agreement with the bank

07.07.2003

Swiss Life (Belgium) is to sell its 33.33% stake in Crédit Agricole S.A. (Belgium) to Crédit Agricole (France) for a price of EUR 48 million. At the same time, Swiss Life (Belgium) will maintain its agreement to distribute its products through the branches of Crédit Agricole (Belgium).

Pursuant to the agreement signed on 7 July 2003, Swiss Life (Belgium) is to sell its 33.33% ownership interest in Crédit Agricole S.A. (Belgium) for EUR 48 million to an affiliate of Caisse Régionale de Crédit Agricole du Nord de France, Caisse Régionale de Credit Agricole Nord-Est and Crédit Agricole S.A. (France). The relevant authorities have yet to approve this transaction.

At the same time, Swiss Life (Belgium) will maintain its agreement with Crédit Agricole (Belgium) to distribute its products, thus allowing the insurer to pursue its multi-distribution strategy. Swiss Life (Belgium) has always considered the Crédit Agricole (Belgium) network as one of the major distribution channels for marketing its products to private customers and small enterprises. "Thanks to this agreement, Swiss Life (Belgium) will remain a partner of Crédit Agricole in Belgium, enabling both parties to jointly develop their activities," stated Johan Bertrands, CEO Swiss Life (Belgium).

Swiss Life

The Swiss Life Group is one of Europe's leading providers of life insurance and long-term savings and protection. The Swiss Life Group offers individuals and companies comprehensive advice and a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over fifty countries.

Swiss Life Holding, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The enterprise employs around 11 000 people worldwide.
Cautionary statement regarding forward-looking information

This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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