French AXA group sells its subsidiary in Azerbaijan

Baku. 21 February. REPORT.AZ/ Businessman Elkhan Garibli, who participated in the creation and management of several insurance companies in the Azerbaijani insurance market, will receive 100% of AXA MBASK Insurance Company OJSC (subsidiary of French AXA Insurance Group) shares.

Report informs, a preliminary agreement between the parties has already been signed.

Completion of the transaction will take place after the approval of relevant authorities.

Notably, Garibli has started his insurance activity as the founder and the first head of the same company since 1992. He said he believes that Azerbaijan has a business environment conducive to the development of the insurance market and that it is more favorable conditions for domestic investors through reforms in the economic legislation, and has therefore decided to invest in AXA MBASK.