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French insurance group talks delay in sale of subsidiary in Azerbaijan

Business Materials 4 September 2018 21:39

Baku, Azerbaijan, Sept. 4

By Anvar Mammadov - Trend:

The sale of AXA MBASK, a subsidiary of France's AXA Group in Azerbaijan, is still ongoing, the insurance group told Trend Sep. 4.

The process is mainly delayed due to various regulatory procedures, according to the insurance group.

"We cannot yet name specific dates for completion of the process," the company said.

AXA Group, which owns 100 percent of the insurance company AXA MBASK, decided to sell its business in Azerbaijan in February 2018. According to AXA Group, the position of AXA MBASK in the Azerbaijani market does not meet the expectations of the insurance group.

AXA Group has already reached a preliminary agreement on the sale of 100 percent stake in AXA MBASK.

Elkhan Garibli, founder and first head of MBASK insurance company, is the buyer.

MBASK has been operating since 1992. It is one of the first private insurance companies in Azerbaijan. In 2010, one of the largest insurance companies in the world - AXA Group - acquired a controlling stake (51 percent) of MBASK through its subsidiary AXA Seguros Generales, S.A., De Seguros Y Reaseguros.

Currently, AXA Group is the sole shareholder of AXA MBASK.

Authorized capital of AXA MBASK totaled 19.73 million manats in 2017.

(1.7 AZN = 1 USD on Sep. 4)

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Follow the author on Twitter: @Anvar_Mammadov

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