Deal signed for Hellenic Bank’s acquisition of CNP

Hellenic Bank and CNP Assurances have singed the Sale and Purchase Agreement for the former to acquire the latter’s Cyprus branch, after CNP completed consultations with its European works council.

The acquisition deal was signed between the two sides back in April and pending regulatory approval – including by the Commission for the Protection of Competition – HB is set to take over CNP Cyprus Insurance Holdings Limited, which is active in both Cyprus and Greece.

CNP Cyprus Insurance Holdings Limited’s subsidiaries – including CNP Cyprialife Limited, CNP Asfalistiki Limited, and CNP Cyprus Properties Ltd – hold a leading position in the Cypriot insurance market and the acquisition is expected to give HB’s insurance activities a serious boost, while also reinforcing its position as a leading banking financial institution with a strong presence in the financial as well as insurance sectors.

This transaction is complementary to the bank's business model, offering significant growth opportunities and enriching the products and services it provides to its broad customer base.

Once the transaction is completed, which is estimated by the first quarter of 2025, the bank will have a leading position in the Cyprus insurance market, with an overall market share of around 30% in the life and 23% in the non-life sectors.

At this stage, the existing operations of the companies involved remain intact and the companies will continue to operate autonomously and independently until the completion of the Transaction.

Interim CEO Antonis Rouvas noted: “This transaction strengthens the group and fits perfectly with our business model, offering significant growth opportunities. We are excited about this transaction and look forward to welcoming the staff of CNP Cyprus Insurance Holdings Limited to the Hellenic Bank family. Our goal is to combine the strengths, know-how and valuable experiences of each staff member in order to modernise and upgrade our services and also to expand the range of our insurance products, responding to the needs of our customers.”

The bank has consulted BNP Paribas for the acquisition, Ioannides Demetriou LLC for legal matters, Cronje & Yiannas Actuaries and Consultants Ltd for actuarial and HR matters, and Deloitte Ltd for financial and accounting matters.