TURKIYE: Axa reaches an agreement to acquire Groupama's insurance operations in Turkiye

26 January 2023 —
Axa has reached an agreement to acquire Groupama's insurance operations in Turkiye. Groupama Sigorta A.S. and Groupama Investment, which holds the shares of Groupama Hayat A.S., will take over 100% of Bosphorus Holding A.S., Blomberg wrote.

The procurement process will be completed following the necessary approvals from the Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) and the Competition Board.

"This acquisition is a strong reflection of our strategy aimed at creating scale in our technical business lines. We are pleased with this agreement, which will enable us to benefit from a strong distribution network and increase our market share in our main business lines," says Nuria Fern?ndez, General Manager of Axa International Center and Head of Strategic Development at Axa Sigorta.

"We look forward to growing our business together and we are determined to ensure a smooth transition for our customers, business partners and employees", commented Yavuz ?lken, CEO and Deputy Chairman of the Board of Directors of Axa Sigorta.