Axa acquires Groupama’s subsidiaries in Turkey

Axa, Groupama Sigorta A.Ş. and Groupama Hayat A.Ş., announced that it will take over all of the shares of Bosphorus Holding A.Ş.

In the statement made by Axa, it has reached an agreement to purchase Groupama’s insurance operations in Turkey. The company, Groupama Sigorta A.Ş. and Groupama Investment, which holds the shares of Groupama Hayat A.Ş., will take over 100 percent of the shares of Bosphorus Holding A.Ş. It was also stated that the parties agreed not to disclose the terms and conditions of the agreement.

Nuria Fernández, General Manager of Axa International Center and Strategic Development Leader of Axa Insurance, said, “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 core business lines.”

Yavuz Ölken, CEO of Axa Sigorta and Deputy Leader of the Board of Directors, said, “We look forward to growing our business together and we are determined to ensure a smooth transition for our customers, business partners and employees.”

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.