Piraeus Financial Holdings S.A. has announced that its subsidiary, Piraeus Bank S.A. (Piraeus), has completed the acquisition of 100% of the shares of Ethniki Insurance’s parent company, Ethniki Holdings S.à.r.l., from CVC Capital Partners Fund VII and the National Bank of Greece.
The total consideration for the transaction is €0.6 billion in cash. Following completion, Piraeus Financial Holdings’ total capital ratio is expected to be around 19% at end-2025, representing a Pillar 2 Guidance buffer of circa 300 bps.
The acquisition is expected to further diversify Piraeus Group’s revenue sources while complementing its product range across banking, protection, and investment solutions.
Ethniki Insurance is one of Greece’s leading insurers and the country’s oldest insurance company. It serves 1.8 million active customers and offers all types of insurance products.
In the first quarter of 2026, Piraeus will present its medium-term ambitions for the expanded group to the investment community, targeting focused growth and enhanced value creation for shareholders, customers, and employees.
Christos Megalou, CEO of Piraeus Group, said, “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. Together, we are setting a new benchmark for the Greek economy, positioning Piraeus Group as a leader in integrated financial services and paving the way for sustainable, long-term returns.”
Dimitris Mazarakis, CEO of Ethniki Insurance, commented, “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.”
UBS Europe SE served as financial advisor to Piraeus on the transaction, with Milliman and Milbank LLP as actuarial advisors, as well as Moratis Passas and Potamitis Vekris as legal advisors.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.