Insurance and reinsurance companies became the shareholders of a local bank for the first time in AZERBAIJAN

7 January 2015 —
AzRe Tekrarsigorta, the only Azerbaijani reinsurance company and its subsidiary Qala Heyat Sigorta life insurance company have become the shareholders of local Azər-Turk-Bank.

According to the Azerbaijan's Ministry of Finance, this is the first time in Azerbaijan when participants of the insurance market became shareholders of a banking organization.

"Insurance legislation provides no restrictions for insurance companies to participate in charter capital of any juridical entity", - the Ministry says.

In accordance with the information placed at the official web site of Azər-Turk-Bank, AzRe Tekrarsigorta holds now 6.55% of the bank's shares and Qala Heyat Sigorta - 5%. 12.37% of shares are held by Turkish Ziraat Bank, 1.08% - by Ziraat Bank International (Germany), while the rest 75% are owned by the Azerbaijan's State Committee for Property Issues.

Earlier 85% of the Company's shares were owned by the State Committee for Property Issues, 14% - by Turkish Ziraat Bank and 1% - by Ziraat Bank International (Germany).

The bank's charter capital is AZN 50 million. Read the full story Insurance and reinsurance companies became the shareholders of a local bank for the first time in AZERBAIJAN
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