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Successful AXA, AMP merger nets profit
BNP Paribas has finished the transition of AXA Australia and New Zealand following its merger with AMP in March last year.
AMP Capital Investors managing director Stephen Dunne said he was pleased with the cost synergies produced by the successful transition that saw 1000 accounts change hands over nine months.
In January 2011, AMP said it expected cost synergies to rack up to $120 million a year, while the one-off integration cost would be $285 million.
Last month AMP chief executive Craig Dunn said the merger with AXA had significantly improved its competitive position, and ahead of schedule.
AMP reported a net profit of $383 million for the six months to 30 June 2012, an 11 per cent increase on the $346 million earned in the first half of 2011.
BNP Paribas was appointed global custodian and administrator for AMP in 2011, to oversee combined assets of almost AUD 160 billion along with the merger, one of the largest in Australia, BNP Paribas said.
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