The banking subsidiary of the insurance group AXA has created a joint-venture with the bank DEGROOF to offer its customers solutions for top-of-the-range fortune management. The new entity, called AXA & DEGROOF FUND PORTFOLIO in which AXA BANQUE will hold almost 75%, will, through the network of agencies of the banking-insurer propose formulae for collective investments managed by specialists of the bank DEGROOF. The joint-venture will have a start-up capital of 3.1 million euro and employ nine people. In addition, AXA and the group BNP PAYBAS have announced the signing of a new memorandum of understanding comprising, notably, a maintenance clause for a mutual minimum stake. The two banks have also granted each other a mutual right of preemption in case of a change of control in the capital of either banks. On 1 September last, BNP PARIBAS held a 4% stake in AXA through FINAXA plus a 2% direct stake in the insurer. Conversely, AXA has some 7% in the banking group.