AXA curtails its activity in Azerbaijan

05.04.2019,12:01


April 5, Fineko/abc.az. AXA Mbask (representative office of France’s international insurer AXA) has announced termination of its activity.

The Company reports that AXA Mbask has suspended the conclusion of new contracts.

"And the reason for that is the loss of force of the 2018-signed contract with entrepreneur Elkhan Garibli, under which the latter intended to buy all the shares of AXA Mbask. As AXA intends to close its subsidiary in Azerbaijan, it does no longer enters into new contracts and will manage only the existing portfolio," it was informed.

Insurance company Mbask has been operating in the Azerbaijani market since 1992. On 14 October 2010, AXA Group, one of the world’s largest insurance companies, through its subsidiary AXA Seguros Generales, S. A., De Seguros Y Reaseguros (Spain), acquired a controlling stake (51%) in AXA MBASK. The remaining 49% was owned by Company's shareholder Eldar Garibli. The controlling stake was acquired by AXA Seguros Generales through the acquisition of the shares of the European Bank for Reconstruction & Development (30%) and the shares of Eldar Garibli (21%).