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Exhibit 1
[Logo of AXA] [Logo of BBVA]
PRESS RELEASE
Paris, December 28, 2000
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AXA AND BBVA REORGANIZE
THEIR JOINT SHAREHOLDINGS IN SPAIN
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BBVA and AXA announce that AXA acquired BBVA's 30%-stake in AXA Aurora for a
total consideration of Euro 205 million. Following this transaction, AXA will
own 100% of AXA Aurora, its Spanish holding company.
Simultaneously, BBVA acquired from AXA Aurora, for a total consideration of Euro
7.5 million, a 21.4%-stake in Hilo Direct Seguros. Consequently, BBVA will own
50% of Hilo Direct Seguros, the other 50% remaining with AXA Aurora.
Hilo Direct Seguros was launched in 1996 by AXA and BBVA to develop direct
selling of automobile insurance policies on the Spanish market through telephone
and internet. The sale of Direct Seguros products through the BBVA branch
network will be starting shortly.
These two transactions are consistent with the two groups' strategy to
reorganize their insurance holdings in Spain.
The closing of these transactions should take place by the end of January 2001.
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IMPORTANT LEGAL INFORMATION
Certain statements in this press release that are neither reported financial
results nor other historical information, are forward-looking statements,
including, but not limited to statements that are predictions of or indicate
future events, trends, plans or objectives. Undue reliance should not be placed
on such statements because, by their nature, they are subject to known and
unknown risks and uncertainties and can be affected by other factors, that could
cause actual results and company plans and objectives to differ materially from
those expressed or implied in the forward-looking statements (or from past
results). Such risks, uncertainties and factors include the intensity of
competition from other financial institutions, AXA's experience with regard to
mortality and morbidity trends, lapse rates and policy renewal levels relating
to AXA's life and health insurance operations, the frequency, severity and
development of property and casualty claims including catastrophic events which
are uncertain in nature and policy renewal rates relating to AXA's property
casualty business, market risks related to fluctuations in interest rates,
equity market prices and foreign currency exchange rates, the use of derivatives
and AXA's ability to hedge such exposures effectively and counterparty credit
risk, AXA's ability to develop, distribute and administer competitive products
and services in a cost-effective manner and its ability to develop information
technology and management information systems to support strategic goals while
continuing to control costs and expenses, AXA's visibility in the market place
and the financial and claims paying ratings of its insurance subsidiaries, AXA's
access to adequate financing to support its future business, the effect of
changes in regulation and laws affecting AXA's businesses, including changes in
tax laws affecting insurance and annuity products as well as operating income
and changes in accounting and reporting practices, the costs of defending
litigation and the risk of unanticipated material adverse outcomes in such
litigation, adverse political developments around the world and the effect of
future acquisitions. AXA undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new information or
future events, circumstances or otherwise.
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This press release is also available on the web sites of AXA and BBVA :
www.axa.com and www.bbva.es
MEDIA RELATIONS BBVA: MEDIA RELATIONS AXA:
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Jose Luis Rodriguez: 91.374.4.14 Christophe Dufraux: 33.1.40.75.46.74
Jesus Pertejo: 34.374.63.49 Emmanuelle Isnard: 33.1.40.75.47.22
INVESTOR RELATIONS BBVA: INVESTOR RELATIONS AXA:
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NEW YORK:
Rafael Alvarez: 34.94.487.52.46 Greg Wilcox: 1.212.314-4040
Caroline Portel: 1.212.314-6182
PARIS:
Rebecca Antoniou: 33.1.40.75.49.05
Marie-Flore Bachelier: 33.1.40.75.49.45
Anne-Karin Durante: 33.1.40.75.57.91
