Baku Interbank Currency Exchange (BBVB) and the insurance company Buta Sigorta in Baku on Monday signed an agreement on the participation of insurance companies in the money market "MONEY-MARKET" Bourse E-System of Trades (BEST). The agreement was signed by head of BBVB Farhad Amirbekov and Chairman of Buta Sigorta Abbas Babayev.
According to the contract, the insurance company is able to exit the wholesale money market bank as an equal participant with the banks. BBVB provide new participant access to the trading system BEST, and will also provide settlement and information services.
Transactions and balances in the segment of the money market are carried out on the basis of the "Provisional Regulations of operations to attract and placement of funds in the BEST", "Rules of the organization of trading and settlement in the BEST", "Provisional Regulations of settlement of credit and deposit transactions concluded in the trading session BBVB in the credit section of organized money market "and" Specifications financial instruments MONEY-MARKET ".
As said at the signing ceremony, Managing BBVB Farhad Amirbekov, Buta Sigorta is the second insurance company after Ateshgah, which signed a similar contract. Thus, the Azerbaijani financial market is going through a new stage of development, when the wholesale money market is a new sector of the economy.
"Insurance companies are the main suppliers of liquidity for Azerbaijani banks and, no doubt, will strengthen its deposit base. In turn, the insurance companies are able to quickly and at the best rates available cash to place, while having a whole range of offers from all Azerbaijani banks," said Amirbekov.
Insurance company Buta Sigorta (earlier - Thames Insurance Group) with a paid charter capital of AZN 7.3 million has been operating in the insurance market since 1996.
This structure is owned by six shareholders - Qafqaz Leasing, Baku Electronics, Bank of Baku, Baku Service Company, Auto Azerbaijan, each of which belongs to 19% of the shares, as well as their parent organization NAB Holding with 5% of the share capital.
The company provides services for the nominally 17 types of voluntary and 3 types of compulsory insurance. - 17D-
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