Netherlands-based ABN AMRO Bank N.V. (ENXTAM:ABN) said it entered into talks with GIE BNP Paribas Cardif through French private bank branch Neuflize OBC to sell its stake in life carrier Neuflize Vie (Neuflize Vie S.A.) to the company and form a strategic partnership. In addition to selling its full 60% stake in Neuflize Vie, ABN AMRO said in a statement the partnership will lead to a distribution agreement between the two. The company didn't disclose the terms of the sale.

Along with the Dutch Bank, Axa S.A. also owns a 40% stake in Neuflize Vie, the statement said. "The combination of BNP Paribas Cardif and Neuflize Vie will constitute an undisputed leader in high-end life insurance in France," the statement said. "In addition, BNP Paribas Cardif and Neuflize OBC intend to enter into a strategic partnership to ensure that Neuflize OBC's clients continue to have access to high-end insurance products." The company said the deal remains subject to regulatory approval and competition authorities, as well as to applicable procedures concerning the employees involved.

BNP Paribas Cardif is the insurance subsidiary of the French bank group. The transaction will "marginally" affect ABN AMRO's profitability and risk-weighted assets, resulting in a minor positive impact to its CET1 ratio of capital to assets, the statement said.