Jsc Vtb Bank

AtaHolding and Slovenia's Sava Re LTD agree on creation of a joint life ...

Baku, Fineko/abc.az. AtaHolding OJSC has signed a memorandum with Slovenia’s reinsurance company Sava Re LTD.

The Holding reports that on 10 June 2011 in the course of the Slovenian-Azerbaijani Business Forum held in Slovenian capital Ljubljana with participation of Azerbaijani President Ilham Aliyev and President of Slovenia Danilo Turk, AtaHolding OJSC and JSC Reinsurance Company Sava Re Ltd (one of the largest reinsurance companies of Slovenia) signed a memorandum "On the creation & support of activities of Ata Heyat Sigorta”.

"I am confident that the signed memorandum on the establishment of Ata Heyat Sigorta will develop, promote and give impetus to the life insurance segment in the domestic insurance market. The signing of the memorandum during the forum attended by the Azerbaijani and Slovenian presidents is a double joy for us," AtaHolding chairman Farid Assad said commenting the event.

AtaHolding became the first company that started cooperation with a foreign investor in life insurance. The authorized capital of the Holding operating since 2003 and investing in the areas of finance, industry, information technology and tourism, is 83.9 million manat.

Among the Holding’s companies operating in the financial sector are Ata Bank, JSC Ata Sigorta, of Ata Leasing, VTB Bank, Azerbaijan, in industrial sector - Ata Senaye, in tourism sector - Ata Tourism LLC and Excelsior Hotel, and in the field of information technologies - Ata Texnologiya LLC.

"Sava Re LTD", along with the fact of being one of the leading reinsurance companies of Slovenia, is the founder of the largest group of companies Sava Re Group, which consists of 15 insurance companies, some of which specialize in life insurance.

Sava Re LTD was established on 28 December 1990. The founders are representatives of various financial structures: funds, banks, insurance and investment companies, various legal entities and individuals. The largest shareholder with a 25% stake is Slovenian Restorative Foundation. The company’s shares are freely traded on the stock market. The authorized capital is 39.1 million euro. Sava Re LTD has rated A-Standard and Poor’s.

Investegate |JSC VTB Bank Announcements | JSC VTB Bank: AGM Statement

"The last year performance proves the efficiency of the ongoing strategy of sustainable growth and enhanced business structure, which has been gradually promoting the Group market capitalization and its financial stability. As a result, our net profit in 2010, under IFRS, has hit a record of RUB 54.8 bln. Net commission income has doubled, while the operating costs have decreased. Our assets and capital efficiency have grown due to consolidation of TransCreditBank. In 2011, we are also expecting the Group's net profit to reach no less than RUB 80 bln."

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