Ministry of Finance approves change of shareholders in Azerbaijani-British insurance company
Azerbaijan, Baku, July 5 /Trend A.Akhundov/
Azerbaijani Temza Sığorta Qrupu has changed its name due to a change of shareholders, new CEO Abbas Babaev, who previously held a similar post in AzSigorta and Qala Sigorta said on Thursday.
"The company received permission to rebrand and change shareholders from the Ministry of Finance of Azerbaijan on Monday. Now the company will be called Buta Sığorta and the Ministry of Taxes holds re-registration of the company," Babayev said.
He added that the company has six shareholders now; the Bank of Baku, Baku Electronics, Baku Service Company, Auto Azerbaijan and Qafqaz Lizinq, which own 19 per cent each and NAB Holding with the participation of five per cent.
Previously the owner of the 49 per cent stake in the company's capital was the British Glencarron Group Limited. Temza Sığorta Qrupu has operated in the insurance market of Azerbaijan since 1996. The Azerbaijani share belongs to the local individual and legal body, Gala Investment.