Bank of Cyprus’ €29.5m acquisition of Ethniki Insurance (Cyprus) is taking shape

09:37 - 14 April 2025

Financial Services Reporter

The anticipated acquisition of Ethniki Insurance (Cyprus) Ltd by Bank of Cyprus, which was previously revealed by sources, is taking shape, with the latter announcing it has signed a binding agreement with the Ethniki Hellenic General Insurance Company S.A. for the acquisition of 100% of Ethniki Insurance (Cyprus) Ltd.

The consideration for the transaction, which is subject to regulatory approvals and is expected to be completed within the second half of 2025, amounts to €29.5 million in cash.

Ethniki Insurance (Cyprus) holds an established position in the life and general insurance sectors in Cyprus, with market shares of 2% and 4% respectively.

With the completion of the acquisition, Bank of Cyprus will further strengthen its leading position in the insurance industry in Cyprus.

The acquisition is aligned with the Group's strategic objective to expand its insurance activities and to further strengthen its diversified business model.

More specifically, it is estimated that the Group's gross premium income and net result from insurance operations will increase by 15% and 10% respectively, thus increasing the contribution of non-interest income to the Group's profitability.

Deloitte Limited acted as financial and actuarial advisor and Chryssafinis & Polyviou LLC as legal and competition advisors to the Group for the transaction.

(Source: InBusinessNews)

Bank of Cyprus’ €29.5m acquisition of Ethniki Insurance (Cyprus) is taking shape

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