GROUPAMA purchases BASAK SIGORTA

Following a fierce competition, the French GROUPAMA has taken control over the privatized insurer BASAK SIGORTA with a take over bid of 268 million USD, slightly ahead of AK SIGORTA. The transaction is to be validated by the Turkish authorities. BASAK SIGORTA, whose shares are owned by the state at 56.67%, used to hold 5.2% of the Turkish insurance market shares.