Azerbaijan, Baku / Trend corr U. Ismayilova / The Azerbaijan State Insurance Control supports a change in stockholder composition of Azerbaijan's Tural Sigorta company, the head of the State Insurance Control of the Azerbaijan Finance Ministry, Namig Khalilov, said on 14 September.
Azerbaijan's Bank Respublika can become the new owner of Tural Sigorta.
According to Khalilov, the Insurance Control has not yet received an official proposal on a change of stockholders.
"A change of stockholders will enable additional capital and improvement of the activities of the company," he said.
If Bank Respublika appears in Azerbaijan's insurance market it will become one more strong insurance company taking into consideration the positions of the bank in Azerbaijan's market. In the spring of 2005, the leading German financial institutes - DEG (a member of KfW bank group) and Sparkassen International Development Trust (SIDT, a member of Sparkassen-Finanzgruppe financial group) - became the stockholders of Bank Respublika. They now own 25% + 1 of the stock.