The ratings on AXA Bank Belgium S.A. (ABB) reflect its status as a core member of the AXA insurance group (core operating subsidiaries insurer financial strength rating AA/Stable). Additional rating factors are the bank's very strong capitalization, strong asset quality, new European banking role within AXA, and satisfactory market share in its main mortgage-lending activity. Offsetting these factors are ABB's weak profitability, limited business diversification, exposure to market risk, and the untested nature of its European banking strategy. ABB is a core component of AXA group's customer-driven strategy in Belgium of providing financial protection to individuals and serving their financial needs at all stages of life. The bank is strongly integrated with its sister insurance company AXA Belgium (insurer financial
