Piraeus Bank S.A. has completed its €600 million (£500 million) acquisition of Ethniki Insurance from CVC Capital Partners Fund VII and National Bank of Greece. The transaction brings Greece’s oldest insurer under Piraeus’ umbrella, adding 1.8 million policyholders and €850 million in gross written premiums to the bank’s operations.
Ethniki holds significant market positions with an 18.3% share in life insurance, 11.3% in non-life insurance, and a 14.6% overall market share, according to a news release.
Piraeus Group chief executive officer Christos Megalou said in a statement that the deal broadens Piraeus’ capabilities across protection and investment offerings and positions it as an integrated financial services leader.
The acquisition marks a strategic expansion for Piraeus as Greek banks increasingly seek growth through bancassurance models. Ethniki Insurance, which offers life, health, property and automobile coverage, reported €4.1 billion in total assets and €400 million in shareholders’ equity. The insurer recorded a pre-tax profit of €14.8 million in 2024, with unaudited figures for the first 10 months of this year showing pre-tax profit exceeding €30 million.
“By joining forces with a leading financial group, we are unlocking new opportunities for growth,” said Ethniki Insurance chief executive officer Dimitris Mazarakis, as quoted by Best Wire. “Together, we are building a strong, reliable and innovative ecosystem.”
CVC Capital Partners acquired 90.01% of Ethniki Insurance from National Bank of Greece in 2021 for a nominal consideration equivalent to €505 million, BestWire reported.
The completion of the deal comes as Greek banks enter a more stable phase following years of restructuring, with lenders now focusing on expanding non-interest income and strengthening capital positions. Analysts have noted that bancassurance partnerships provide Greek lenders with fee-based income streams and deeper customer relationships as the country’s economy continues recovering from its decade-long debt crisis.
The transaction received regulatory approvals from Greek financial authorities and is expected to bolster Piraeus’ position in the domestic market while giving Ethniki broader distribution opportunities through the bank’s nationwide network. The move aligns with banks’ current strategies to integrate insurance and wealth products more closely as the sector transitions toward sustainable, fee-based growth.
