Following an early February announcement by Piraeus Financial Holdings S.A., declaring its interest in acquiring Greek insurer Ethniki Asfalistiki, Piraeus Bank confirmed on Wednesday that it has reached a deal with CVC Capital Partners Fund VII.
The holding company’s subsidiary, Piraeus Bank S.A., has signed a Share Purchase Agreement to acquire a 90.01% stake in Ethniki Insurance’s parent company for €600 million in cash.
Piraeus stated that the transaction will further diversify its revenue streams and complement its product offering, providing a comprehensive suite of banking, insurance, and investment solutions.
About Ethniki Asfalistiki
Ethniki Asfalistiki is one of Greece’s leading insurers, covering the full range of insurance products with a 14.5% market share (approximately 17% in life insurance and 11% in non-life insurance) and over €0.8 billion in Gross Written Premiums (GWP) as of 2024.
As of 2023, Ethniki Insurance had:
- €4 billion in total assets
- €400 million in shareholders’ equity
- €100 million in adjusted pre-tax profit (excluding non-recurring items)
Financial Outlook
In light of the acquisition, Piraeus Bank is upgrading its financial guidance through 2028.
The transaction is subject to regulatory approvals from the relevant authorities.
