Bank Of Baku

Gala Sighorta to open its first provincial branch next year

Gala Sighorta to open its first provincial branch next year
# 30 October 2008 08:20 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan’s newly established Gala Sighorta Insurance Company plans to open its first provincial branch in Gandja in 2009, said Abbas Babayev, Chairman of the Board.
“To some extent, Azerbaijan’s insurance market has also been affected by the world financial crisis. This would also increase competition among insurers. Therefore, it will depend on the market conditions how many branches we will open. We have no plan to open a branch in Baku,” he added.
According to him, there is no plan to raise share capital.
The company’s share capital is AZN 1 million at present.
Gala Sighorta was issued a termless license by the Ministry of Finance on July 31, 2008.
The company is owned by AzRe Reinsurance Company (60%) and an individual (40%).
As of October 1, it earned AZN 20 000 in premiums.
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