Azerbaijan, Baku /corr. Trend U.Ismaylova / One of Azerbaijan's biggest insurance companies, MBASK, intends to increase its aggregate capital by AZN 1mln and bring it to AZN 3.7mln in 2008, said the Chairman of Company's Executive Board, Jamil Melikov, at the press-conference dedicated to the 15th anniversary of the Company.
In addition, the Company intends to increase its authorized capital up to AZN 3mln from the current AZN 2mln. The authorized capital will be increased at the expense of profits.
According to Melikov, in 2008 the Company is planning to apply a program on automation and devising of insurance documents, INSYS, which totaled $525,000.
MBASK which began its activities in Azerbaijan in 1992 provides 29 kinds of insurance services, including four obligatory types. The Company's authorized capital totals AZN 2mln. In January 2005 the European Bank for Reconstruction and Development acquired 30% share in MBASK.