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Azerbaijani shareholders buy back Turkish insurers' share in local company

Business Materials 20 August 2009 13:23 (UTC +04:00)

Azerbaijan, Baku, August 20 / Trend U. Ismayilova /

The Azerbaijani-Turkish Gunay-Anadolu Sigorta insurance company has changed foreign shareholders, the company said on August 20.

"Gunay Anadolu Sigorta's local shareholder is Gunay Bank. It fully bought a share holding of the 'Anadolu Anonim' Turkish insurance company. As a result, the company has fully become an Azerbaijani insurance company," Gunay Anadolu Sigorta said.

A company source said that a decision was made to change the name to Gunay Sigorta due to the change in shareholders.  

"Our bank bought a share package owned by the Turkish company as the insurance business is profitable. This decision will allow us to solve all internal issues more efficiently. Before, these issues depended on a decision from both shareholders," the Chairman of Gunay Bank's board, Emin Agayev, said on August 20.

But a change in shareholders will not affect the company's activity. It will operate as before, Agayev said.

"The only change after the switch in shareholders was the doubling of the insurance company's authorized capital from 806,000 manat to 1.6 million manat," Agayev said.

Gunay Anadolu Sigorta has been operating since 1992, It offers quality services for fire, accident, engineering and medical insurance. Gunay Joint Stock Bank and Turkish insurance company Anadolu Anonim, the clear leader in insurance in Turkey, laid the foundation for the insurance sector in Azerbaijan. They founded the joint stock company Gunay Anadolu Sigorta. It received an open-ended license in 2008. 

In accordance with the law Gunay Bank owned 51 percent of shares and Anadolu Anonim 49 percent.

In the first six months the company collected premiums to the amount of $0.434 million with payments of $0.14 million. The company's premiums have decreased 31.6 percent in the year and by 11.9 percent by May. Payments rose almost two times during this year.

On August 20, the official exchange rate is 0.804 manat to $1.

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