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Azerbaijani insurance comapny may refuse drawing Turkish holding as shareholder

Business Materials 7 January 2010 17:25 (UTC +04:00)

Azerbaijan, Baku, Jan. 7 / Trend U.Ismayilova, N. Ismayilova /

The entry of the Turkish Maan Guarantee Holding into Azerbaijani AzInvest Sigorta OJSC as a shareholder depends on acquisition of Birlik Bank's participation share by the Turkish holding, bank's chairman Sariya Samedova said

Some 35.08 percent of bank's shares belong to AzInvest Sigorta (formerly the company was named Nishan Sigorta). In its turn, bank's participation share in the insurance company makes up 15 percent.

"The decision about admission of a Turkish holding company as a shareholder will be taken simultaneously, and it will be of unified nature, as the Chairman of Board of insurance company and the bank is the same person," Samedova said

"We cannot reach a consensus and the negotiations have been temporarily suspended," she added.

Turkish Maan Guarantee Holding inform about purchasing 40 percent shares of the insurance company and the bank in late 2009

Unless the sides reach agreement, then the bank and the insurance company will seek for another investor to attract as a shareholder

AzInvest Sigorta insurance company's shareholders are Birlik Bank (15 percent), AMAY trade center and two individuals

The company's authorized capital is 3,000,000 manat

In January- November 2009, the company has collected premiums worth 0.07 million manat and did not make payments in this period. The company renders services on eight mandatory and twenty voluntary insurances

Presently, the company operates on the basis of a five-year license for insurance activities.

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