Axa France, BNP Paribas, HSBC France and Société Générale are to create a joint platform for employee savings plan administration in France.
The joint venture, Service Epargne Enterprises, is capitalised at EUR0.214 million with ownership based on business volumes.
The JV partners says the platform will become the leading player in employee savings account administration in France, with more than four million accounts under management and over 300 employees. The aim is to tap into the growing employee savings market by offering a centralised account management service in association with several fund management companies.
The platform enables the pooling of back office resources while at the same time allowing participants to continue to distribute own-branded products to their clients. Partners will be billed individually for the administration services received.