Baku, Azerbaijan, Oct. 12
By Anvar Mammadov – Trend:
Azerbaijan’s International Insurance Company (IIC) is ceasing its operation, International Bank of Azerbaijan (IBA), which is the sole founder of IIC, told Trend Oct. 12.
This decision was made during an extraordinary meeting of the IBA shareholders Oct. 12.
Closure of the IIC is explained by its unsatisfactory financial performance, IBA Deputy Chairman Elmir Habibullayev recently told reporters.
The International Insurance Company, founded by the International Bank of Azerbaijan in 2002, received a perpetual license for insurance activity in 2012.