French Insurance Company gets share in Azerbaijan's insurance organization

A contract was signed between MBASK and French AXA Group`s subsidiary company AXA Seguros Generales S.A, De Seguros Y Reaseguros (Spain) on the selling of MBASK's 51% share to French AXA Group`s subsidiary company AXA Seguros Generales S.A, De Seguros Y Reaseguros» (Spain).

According to Chairman of Supervisory Board of MBASK Eldar Garibov a part of EBRD`s and his share was sold to AXA Seguros Generales Company. According to EBRD has been a shareholder of MBASK more than 5 years and the selling odf the share is a part of banks strategy.

He also noted that the structure of MBASK`s Board of Directors was expected to be changed after the selling of shares. Thus, AXA Seguros Generales will appoint 5 candidates to Board of Director. The chairman of Board of Directors of the company will be Eldar Garibov.

According to Frederic Flejou, CFO Mediterranean & LatAm Region both two companies will accelerate the developmnent of MBASK.

Chief of Baku office of the European Bank for Reconstruction and Development (EBRD) Francis Delaey says that AXA`s coming to Azerbaijan will be an important stage at the development of insurance sector of the country.

MBAS has been in operation since 1992. The company operates 29 insurance types.


/AzerTAc/