French Insurance Company gets share in Azerbaijan`s insurance organization
Baku, October 14 (AZERTAC). 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.
Other news in this section
