Azerbaijani Bank Acquires Control Stock Package at Azerbaijani Insurance Company

Business Materials 1 November 2007 17:58 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The Azerbaijani Bank Respublika finished deal on purchase of 51% in stock capital at the Azerbaijani Insurance Company Baki Sigorta, Khadija Hasanova, the chairman of management board of the bank said.

"It has officially launched functioning. Our market is very large, both in the regions and rendering insurance service. Therefore, no changes will be made in its activities for introduction of new financial services," Hasanov said. He also said that the company has its clientile base, including Bank Respublika's clients.

The head of Bank Respublika considers that it is too early to discuss the opening of insurance company for foreign investors.

The shareholders of Bank Respublika are leading German financial institutes DEG (member of KfW bank group) and Sparkassen Development Trust (SIDT, member of Sparkassen-Fananzgruppe bank group). In autumn 2005 they got stock package in the amount of 25% + 1 share.