CNP officially in the hands of Hellenic Bank for €182m

09:47 - 16 April 2025

Financial Services Reporter

Hellenic Bank has announced the completion of the acquisition of CNP Cyprus Insurance Holdings Limited, for a total price of €182 million, which intends to merge and consolidate CNP Cyprialife with Hellenic Life Insurance and CNP Asfalistiki with Pancyprian Insurance.

As it states, "Hellenic Bank Public Company Limited announces that, further to its announcement dated 28 November, 2024 regarding the Sale and Purchase Agreement with CNP Assurances for the acquisition of CNP Cyprus Insurance Holdings Limited (the "Transaction"), all regulatory approvals have been granted and the Transaction has been completed for a total consideration of €182 million."

According to the announcement, "the subsidiaries of CNP Cyprus Insurance Holdings Limited hold a leading position in the insurance industry and offer life and general insurance products and services through a large network of independent partners."

"The Transaction is expected to further strengthen the Bank's existing position in the insurance market, significantly increasing market shares in the life and general insurance sectors," it added.

It is noted that, "the 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."

At this stage, the existing activities of the companies involved remain as they are, and the companies will continue to operate autonomously and independently," it is emphasised, while "the Bank intends to merge and consolidate CNP Cyprialife with Hellenic Life Insurance and CNP Asfalistiki with Pancyprian Insurance."

(Source: InBusinessNews)

CNP officially in the hands of Hellenic Bank for €182m

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