AXA MBASK to discuss reorganization of branch network
Azerbaijan, Baku, Dec. 18 / Trend N.Ismayilova /
The Azerbaijani Insurance Company AXA MBASK has announced an extraordinary general meeting. The AXA MBASK Board informed that the meeting will be held on Jan.17.
The meeting's agenda includes issues of appointment of new executives and nomination of candidates, establishment of new branches and approval of regulations on them, upgrade of existing branches and change of their location, granting of rights for decisions on creation, liquidation or management with the branch network to the Board of Directors.
The meeting participants will also discuss choice of Company's independent auditor, empowering the Board of Directors, updating of regulations (guidelines) of the Board, the Board of Directors and the Revision Commission.
The AXA Group bought shares in the European Bank for Reconstruction and Development in the Azerbaijani MBASK's capital in October. The group's AXA Seguros Generales acquired a controlling stake by purchasing the bank's shares in MBASK's capital. The bank had owned a 30-percent share and the company's principle shareholder Eldar Garibov had owned a 21-percent stake. Garibov will own the remaining 49-percent stake.
MBASK has operated on the Azerbaijani insurance market since 1992. It offers 29 types of insurance services, four of which are compulsory. Its authorized capital is 5.73 million manat.
AXA provides life and health insurance, contribution, international insurance and reinsurance, and financial management services. AXA was founded in 1816 and is headquartered in Paris. AXA employs 216,095 people and has 96 million customers worldwide.
The official exchange rate is 0.7987 manat to $1 Dec. 18.