Azerbaijan, Baku, Oct. 14 / Trend A.Akhundov /
The French AXA Group bought shares of the European Bank for Reconstruction and Development (EBRD) in Azerbaijani MBASK's capital.
AXA Group subsidiary - AXA Seguros Generales acquired a controlling stake by purchasing the Bank's shares in capital of MBASK, where the bank owned 30 percent shares and 21 percent of company's principle shareholder Eldar Garibov.
Garibov will own the remaining share of 49 percent.
Earlier, 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.
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.
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.
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