12° Nicosia,
20 July, 2024

Hellenic Bank and ERGO Germany eye CNP Cyprus acquisition

Major players vie for control of Cyprus' leading insurance company, CNP Cyprus Insurance Holdings

Panayiotis Rougalas

Panayiotis Rougalas

Two entities are currently in discussions regarding the acquisition of CNP Cyprus Insurance Holdings, the subsidiary of the French insurance giant CNP Assurances. The print edition of K revealed on Wednesday that talks are underway for the potential sale of CNP Cyprus. As previously reported by "K," Hellenic Bank is engaged in discussions for a potential takeover of CNP Cyprus. According to updated information, German insurance giant ERGO Insurance Group is also involved in talks, indicating substantial interest in one of Cyprus' major insurance companies.

Both Hellenic Bank and ERGO Insurance Group have been extensively discussing the potential acquisition of CNP Cyprus. Notably, CNP Cyprus' headquarters in France, CNP Assurances, and the management of CNP Cyprus have responded with a "no comment" when questioned by K regarding the ongoing sale discussions.

ERGO Germany, one of the largest insurance groups in Germany and Europe, is a key player in the talks. The group operates in over 25 countries globally, focusing on core markets in Europe and Asia. In 2022, ERGO collected total premiums of €20 billion and paid out net policy benefits of €15 billion to its clients, solidifying its position in the insurance sector.

Hellenic Bank, which already oversees two insurance companies, Pancyprian and Hellenic Life, recorded a net income of EUR 13 million from its insurance operations in the first nine months of 2023. The potential interest in acquiring CNP Cyprus may be linked to anticipated changes within Hellenic Bank, particularly those stemming from alterations introduced by the bank's major shareholder, Eurobank.

[This article was translated from its Greek original and edited for brevity and clarity]

Cyprus  |  Germany  |  France  |  business

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