Strong capitalization and likely receipt of financial support from a highly rated shareholder, AXA Group, in case of stress. Support for business stability and customer franchise from the strength of the AXA brand. Exposure to the low-risk Belgian economy. Business concentration on Belgian mortgage loans. Operating efficiency that lags behind that of peers. Large book of repurchase agreements and derivatives arising from the bank's intermediation activities for the AXA group. The CreditWatch with negative implications on AXA Bank Belgium (ABB) mirrors that on the larger AXA insurance group. It follows AXA's announcement on March 5, 2018, of its plans to acquire insurer XL Group Ltd. The CreditWatch placement reflects that we may affirm or lower our ratings on ABB by
