Hellenic Bank Public Company (Hellenic Bank) has signed an agreement to acquire CNP Cyprus Insurance Holdings (CIH) from CNP Assurances in a deal valued at €182m ($198.07m).
CIH operates in Cyprus and Greece and includes entities such as CNP Cyprialife, CNP Asfalistiki, CNP Zois and CNP Cyprus Properties, among others.
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It offers both life and non-life insurance services.
The agreement comes after the exclusive discussions announced in April 2024 between Hellenic Bank and CNP Assurances.
This acquisition is expected to enable the bank to enhance its insurance activities, positioning it as a key player in the financial services sector in Cyprus, encompassing both financial and insurance services.
It aligns with the bank’s business model and enhances the range of products and services available to its customer base.
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By GlobalDataAfter the transaction is finalised, Hellenic Bank anticipates that its share in Cyprus’ insurance market will be approximately 30% in the life insurance sector and around 23% in the general insurance sector.
For CNP Assurances, this deal forms part of its efforts to refocus its current international presence, while expanding primarily in Europe.
Hellenic Bank CEO Antonis Rouvas said: “This transaction reinforces the bank’s franchise and fits perfectly with our business model, offering significant growth potential. We are excited about the transaction, and we look forward to welcoming CNP Cyprus Insurance Holdings Limited’s staff to Hellenic Bank’s family.
“We aim to combine the strengths, the know-how and valuable experiences of every staff member in order to modernise and upgrade our services and to expand our insurance product range to meet our customers’ needs.”
CNP Assurances CEO Marie-Aude Thépaut said: “CNP Cyprus Insurance Holdings and its subsidiaries are leading contenders in the Cypriot insurance market. This deal with Hellenic Bank, one of the leading local banks which benefits from a distribution network, should bring growth for both companies and their customers.”
The deal awaits regulatory approvals and is expected to close by the first quarter of 2025.
