French insurer AXA (CS.FR) SA and Italian bank Banca Monte dei Paschi di Siena SpA (BMPS.MI) Wednesday said they are extending their bancassurance agreement in Italy to former Banca Antonveneta's distribution network.

MAIN FACTS:

- AXA will pay EUR240 million to BMPS for this transaction, which will be funded internally.

- The bancassurance agreement is extended to the 1,000 branches of former Banca Antonveneta.

- The AXA MPS insurance joint-venture therefore extends its current network from about 2,000 to 3,000 branches in total, reaching an additional 1.6 million potential clients.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; ruth.bender@dowjones.com
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