Axa Sigorta CEO says eyeing top-ten rival

Axa Sigorta, the Turkish arm of French insurer Axa (EPA:AXA), is seeking to solidify its leading position in the country through the acquisition of a sector player among the ten biggest, the company's chief executive, Cemal Ererdi, told Reuters on Wednesday.

The group then plans to make its life insurance unit Axa Hayat Sigorta a pension fund, which would start operations by the end of March 2011, the CEO said.

Axa is willing to speed up its growth particularly on the Turkish market and is interested in large companies, Eredi added.

Country: Turkey;

Sector: Insurance

Target: A Turkish top-10 rival

Buyer: Axa Sigorta

Type: Corporate acquisition

Status: Bidding

Comment: CEO says company willing to acquire a top-10 rival

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