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MBASK launches Bankassurance Project for the first time in Azerbaijan

01 June 2009 15:34 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. For the first time in Azerbaijan, MBASK Insurance Company has launched a project for sales of insurance products through the bank.

The company said the project aims to organize joint sales of insurance products with the active involvement of the staff of UniBank.

Now everyone who wants to buy insurance policy or get advice on insurance may apply to a financial consultant across all branches of UniBnk.

UniBankâ€™s financial consultants have been trained about insurance products and certified in compliance with the Bankassurance Programme.

MBASKâ€™s Sales Director Kamran Bagirov said introduction of this mechanism in Azerbaijan is very promising for the insurance companies and banks.

â€œFor example, in Europe, the proceeds which some banks earn from sales of insurance products make up more than 15% of their total income.
In my opinion, the development of bank insurance through the wide network of the bankâ€™s branches will give additional impetus to further development of the insurance marketâ€, - he added.

Owned by EBRD (30%) and individuals, MBASK has been in operation since 1992.

As at 1 April 2009, the companyâ€™s authorized capital stood AZN 2 million. It provides services for 29 types of insurance.