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25 June, 2024
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Eurobank set to dominate Cyprus' insurance scene with Hellenic stake

Hellenic's winning bid: A €182 million leap into Cyprus' insurance sphere

Panayiotis Rougalas

Panayiotis Rougalas

As Eurobank eagerly anticipates the green light from regulatory bodies such as the European Central Bank, the Central Bank of Cyprus, and the Companies Registrar for its acquisition of 55% ownership in the Greek Bank, Hellenic has already secured a major win by acquiring CNP Cyprus, one of Cyprus's top insurance giants.

In a deal valued at €182 million, Hellenic will gain a significant foothold in both the General Insurance and Life Insurance sectors, bolstering its portfolio alongside existing holdings like Hellenic Life and Pan Cyprian Insurance. Pending regulatory clearance and resolution of legal hurdles, Eurobank stands poised to dominate Cyprus's insurance landscape.

Upon completion, Eurobank's asset portfolio will soar to €29 billion, surpassing even the Bank of Cyprus. This strategic move will not only consolidate Eurobank's position but also rebalance the insurance sector, with Hellenic set to wield considerable influence in both general and life insurance segments.

"We're enthusiastic about our foray into insurance," declared Eurobank's CEO, Fokion Karavias, underscoring the pivotal role of insurance within the group's overarching strategy. Karavias expressed utmost satisfaction with Hellenic's acquisition, marking a significant milestone in the company's expansion.

The €182 million agreement encompasses the acquisition of CNP Cyprus Insurance Holdings, encompassing CNP Cyprialife, CNP Insurance, CNP Zois SA, and CNP Cyprus Properties. Antonis Rouvas, CEO of Hellenic Bank, hailed the transaction as a catalyst for growth, promising enhanced services and a wider array of insurance solutions.

"We're poised to harness the collective strengths, expertise, and invaluable experiences from all CNP entities to revolutionize our offerings and elevate our insurance capabilities," affirmed Rouvas, signaling a unified front as all insurance operations merge into one formidable entity.

[This article was translated from its Greek original]

Cyprus  |  economy

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