Piraeus Bank has completed its acquisition of all shares in Ethniki Holdings, the parent company of Ethniki Insurance, from CVC Capital Partners Fund VII and the National Bank of Greece.
The bank’s acquisition of Ethniki Insurance, first disclosed in March this year, involved a total payment of €600m in cash.
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Ethniki Insurance operates in Greece, providing services to 1.8 million active customers and €850m of gross written premiums (GWP) in 2024.
The company’s share in the national insurance market is 14.6%, including 18.3% in life insurance and 11.3% in non-life insurance.
The insurer reported total assets of €4.1bn and shareholders’ equity of €400m as of 2024.
Pre-tax profit for 2024 was €14.8m, while unaudited results for the first ten months of 2025 showed pre-tax profit above €30m.
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By GlobalDataEthniki Insurance CEO Dimitris Mazarakis said: “The acquisition by Piraeus Bank marks an exciting new era for Ethniki Insurance. By joining forces with a leading financial group, we are unlocking new opportunities for growth and the ability to create even greater value for all our stakeholders.
“Together, we are building a strong, reliable and innovative ecosystem that will further reinforce Ethniki Insurance’s role as a vital and trusted partner for our customers and generate long-term value for our shareholder.”
The transaction is expected to result in a total capital ratio for Piraeus Financial Holdings of roughly 19% by the end of 2025, supporting a Pillar 2 Guidance buffer estimated at 300 basis points.
This integration is designed to broaden the group’s revenue sources and extend its range of banking, protection and investment products.
Piraeus Group CEO Christos Megalou commented: “The acquisition of Ethniki Insurance is a defining moment for Piraeus Group and underscores our commitment to revenue diversification and strategic growth.
“By joining forces with Ethniki Insurance, we are broadening our capabilities across protection and investment solutions and unlocking new opportunities to deliver value to our customers and shareholders.”
