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17 June, 2024
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Hellenic Bank eyes CNP Cyprus takeover

CNP Cyprus acquisition talks stir banking speculation

Panayiotis Rougalas

Panayiotis Rougalas

Hellenic Bank has confirmed discussions regarding the potential acquisition of CNP Cyprus, validating a report by ''K''.

The bank disclosed to the Cyprus Stock Exchange that it regularly explores opportunities to expand its presence in the insurance sector. This includes considering the acquisition of existing insurance firms if they align with its strategic interests.

The announcement follows recent reports by "K" indicating Hellenic Bank as one of the final two contenders for CNP Cyprus, a subsidiary of the French insurance giant CNP Assurances. Hellenic Bank assured investors that any significant developments regarding this matter will be promptly communicated to the public.

These disclosures by Hellenic Bank were prompted by recent media coverage regarding its discussions concerning a Cypriot insurance company under a foreign group.

Notably, aside from Hellenic Bank, another prominent player engaged in discussions for the acquisition of CNP Cyprus is ERGO Insurance, a major insurance group based in Germany.

[This article was translated from its Greek original]

Cyprus  |  CNP  |  HellenicBank  |  banks  |  economy

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