Azerbaijan's AXA MBASK talks its possible termination
Baku, Azerbaijan, Feb. 8
By Huseyn Veliyev - Trend:
Termination of the insurance company AXA MBASK in Azerbaijan is not a subject of discussion and is not on the agenda, the company told Trend on Feb. 7.
As the company said, in early 2018, an agreement was reached on the sale of the company's main capital, but since that time no official information has been spread.
The process of selling a subsidiary of the French insurance group AXA in Azerbaijan, AXA MBASK insurance company, as reported earlier, is delayed due to the ongoing process of regulating this issue and it is not yet possible to name specific dates for the completion of the sale process.
AXA Group, which owns 100 percent of AXA MBASK's shares, decided to sell its business in Azerbaijan in February 2018.
Representatives of the AXA Group noted that the insurance market in Azerbaijan is not large enough, and the volumes of insurance fees of AXA MBASK are low.
MBASK Insurance Company 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 insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain).
Follow the author on Twitter: @h_veliyev