KIEV, June 8 ??” AXA S.A. and BNP Paribas have entered into a partnership in the Ukrainian property and casualty insurance market, Business Insurance reported Friday.

Under the terms of the agreement, AXA will acquire a 50% stake in Ukrainian Insurance Alliance from BNP Paribas??™ subsidiary UkrSibbank. The transaction is expected to take place by the end of the year.