The issue of liquidation of Buta Insurance OJSC, an asset of Turkey's NAB Holding, will be considered at the general meeting of the insurance company's shareholders, said the company's message published May 12 in Azerbaijani official media outlets.
It is noted that the meeting of shareholders will be held June 24.
Chairman of the Management Board of Buta Insurance OJSC Gambar Suvanverdiyev told Trend May 12 that the liquidation process is linked with the insurance company's merger with Gunay Insurance OJSC.
"The company has no debts, and it works in normal mode," he said. "But only one insurance company should remain in the market in the process of consolidation. That's why the company's shareholders decided to transfer all active portfolio of our insurance company to Gunay Insurance OJSC. Our employees will also continue to work at Gunay Insurance OJSC."
Suvanverdiyev refused to name the volume of the insurance company's portfolio to be transferred.
Buta Insurance OJSC started its activity in 1996 (then it was called Anglo-Azerbaijan Insurance Company). Since 2000, the insurance company has continued its activities as the Thames Insurance Group. In April 2012, the company was acquired by Turkey's NAB Holding. By decision of the new shareholders, in July 2012, the insurance company was renamed to Buta Insurance.
Currently, shareholders of Buta Insurance are Bank of Baku OJSC, Qafqaz Leasing OJSC, Baku Electronics LLC, Auto Azerbaijan LLC and Baku Service Company LLC.