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.
Baku, Oct 14, 2010 (AFP)
