Two insurance companies merge in Azerbaijan (UPDATE)

Business Materials 26 April 2016 10:28 (UTC +04:00)

Details added (first version posted on 10:19)

Baku, Azerbaijan, Apr. 26

By Azad Hasanli - Trend:

Azerbaijan's Gunay Insurance company is conducting negotiations on Buta Insurance company's takeover.

The two companies are collecting the necessary documents and audit is being conducted in both companies, Vugar Rajabov, chairman of Gunay Insurance's Board, told Trend Apr. 26.

"This process will take at least two months, after which we plan to apply to the Finance Ministry," said Rajabov.

Gunay Insurance began its activity in 1992, while Buta Insurance was established in 1996.
Currently, 25 insurance companies operate in Azerbaijan.


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