Azerbaijan, Baku, Oct. 13 / Trend A.Akhundov /
The State Insurance Supervision Service under the Azerbaijani Finance Ministry has issued a permission for the French insurer AXA to buy shares in the Azerbaijani insurance company MBASK, Service Head Mahir Abdullayev said.
"AXA Company appalled to the Service for permission to hold substantial control in the MBASK Company's share capital. We have given our consent," Abdullayev said.
The French AXA buys shares of the European Bank for Reconstruction and Development (EBRD) in MBASK's capital, which amounts to 30 percent, as well as part of the shares (70 percent) of company's principal shareholder Eldar Garibov. MBASK is the only company in the Azerbaijani insurance market, in which the EBRD bought shares in 2005.
Garibov said the agreement will be signed on Oct.14.
MBASK has been operating in the insurance market of Azerbaijan since 1992. It offers 29 types of insurance services, four of which are compulsory. The authorized capital is 5.73 million manat.
As of June 1, 2010, the share capital of AXA amounted to 5.244 billion euros. In 2009, the company's revenues amounted to 90.1 billion euros, set profit - 3.5 billion euros.
AXA provides services for life and health insurance, contributions, the international insurance and reinsurance, financial management, and others. The headquarters of AXA Company founded in 1816 is located in Paris. AXA employs 216,095 employees and it has 96 million customers worldwide.
According to Fortune magazine, AXA occupies the ninth position in the list of 500 largest companies in the world.
There are 27 insurance and one reinsurance companies in Azerbaijan. According to Abdullayev five of them are companies with foreign capital.