AXA buys majority share in leading Azerbaijani insurer

14th October 2010, Comments 0 comments

French insurance giant AXA has bought a majority share in leading Azerbaijani insurance provider MBASK, the Azerbaijani company said Thursday.

MBASK said in a statement that AXA had bought a 51 percent stake in the company from the European Bank for Reconstruction and Development (EBRD) and company chairman Eldar Garibov though a subsidiary, AXA Seguros Generales. Garibov will retain the remaining 49 percent.

Financial details of the transaction were not disclosed.

© 2010 AFP

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