Piraeus Financial Holdings S.A. has confirmed an agreement to acquire a 90 percent stake in the Greek insurance company Ethniki Asfalistiki for 600 million euros (652.32 million U.S. dollars), according to local media.
Through its subsidiary, Piraeus Bank S.A., Piraeus Financial Holdings has signed a share purchase agreement to acquire a 90.01 percent stake in Ethniki Asfalistiki’s parent company from CVC Capital Partners Fund VII for 600 million euros in cash.
Ethniki Asfalistiki is one of Greece’s leading insurance providers. As of 2024, the company holds a 14.5 percent market share, with approximately 17 percent in life insurance and 11 percent in non-life insurance.
Piraeus Bank, one of the four major banks in Greece, highlighted that the acquisition will further diversify its revenue streams and complement its product offerings, allowing it to provide a full range of banking, insurance, and investment solutions to its customers.
The deal, which is still subject to approval from the relevant regulatory authorities, is expected to strengthen Piraeus Bank’s position in the Greek market, expanding its services to both individuals and businesses across Greece.