Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

25 Jul 1995



PSD disclosed:

25 Jul 1995

Project Description

The MPF sub-projects will act as a catalyst for new domestic and foreign entrants in the insurance and pensions sectors and will strengthen the competition and innovation in the insurance and pension industries in the region

Transition Impact

Through the AXA Winterthur MPF the Bank seeks to, inter alia:

  • transfer foreign industry know-how to the region
  • develop long term savings for investment in the local capital markets
  • provide insurance product to individuals and SMEs


The Client

AXA SA is a global life, non-life and financial services group which has a strong presence in developed and emerging markets. It purchased 100% of Winterthur AG in December 2006.

EBRD Finance

The project consists of an amount of CHF 250 million under the MPF to be invested in the equity capital of AXA insurance and pension fund subsidiaries in EBRD countries of operation.

Project Cost

CHF 250 million.

Environmental Impact

The MPF sub-projects in the region follow the Sponsor’s stringent environmental guidelines and therefore raise the awareness of local clients for environmental issues.

Technical Cooperation


Company Contact

Adam Harper, Senior Banker


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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