Axa acquires MBASK insurer

The European Bank for Reconstruction and Development (EBRD) has ceded 51% of MBASK insurer's to Axa. The amount of the transaction has not been disclosed. The remaining 49% are held by Eldar Garibov, chairman of the board of directors of the Azerbaijan insurer. MBASK will be managed by Axa's Turkish subsidiary. MBASK has a network of 300 agents and is specialized in non-life insurance.

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