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Banking

Groupama insurer to invest USD 400mn in Turkey.

Groupama insurer to invest USD 400mn in Turkey. Jean Azema, CEO of Groupama, said that the company would invest USD 400mn in Turkey operations until the end of next year. Early this year, the French insurance company Groupama has acquired a 56.67% stake in the local insurer Basak Sigorta and a 41% stake in private pension fund company Basak Emeklilik for USD 268mn. Groupama has also raised its stake in Basak Sigorta. Groupama paid a total of USD 68mn to Taris Unions of Agricultural Co-Operatives and Cukobirlik for 33.34% stakes in Basak Sigorta. Groupama also acquired Fiskobirlik’s 6.67% stake in Basak Sigorta for USD 13.5mn, thus Groupama’s stake in Basak Sigorta has reached 96.68%. 

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