OLKEN, previously member of the Board of Directors, is replacing Eldar GARIBOV.
Moreover, the number of Board members was decreased from five to three, including the Chairman. The other two members of the Board are: Christophe KNAUB (newly appointed) and Elkhan GARIBLI.
MBASK Insurance Company is one of the first private insurance companies in Azerbaijan, founded in 1992. In 2010, AXA Group acquired a controlling stake (51%) of MBASK insurance company through its subsidiary 'AXA Seguros Generales, S.A., De Seguros Y Reaseguros' (Spain) and the company's name changed to AXA MBASK. The authorized capital of the company was OF AZN 19.73 million in 2017. Meanwhile, AXA raised its participation in the company's share capital to 100%.
In February 2018, the French group announced it has reached an agreement with Elkhan GARIBLI, founder and first head of AXA MBASK insurance company, to sell its Azerbaijan operations, the company thus returning to its initial owner. "We decided to sell our business in Azerbaijan due to unsatisfying position of the company and small volume of Azerbaijan's insurance market," AXA Group said. Due to various regulatory procedures the sale operations were not yet finalized, and the Group said it cannot name specific dates for completion of the process.