Piraeus bank agrees to buy 90% of Ethniki Insurance from CVC (updated)

Piraeus Bank SA

12/03/2025 19:58

Adds price, background

ATHENS, March 12 (Reuters) - Piraeus Financial Holdings  said on Wednesday it has clinched a deal to buy 90% of Greek insurer Ethniki Insurance from CVC Capital Partners CVC.AS for 600 million euros.

Piraeus
, one of Greece's four largest banks said last month it was in exclusive talks to
acquire Ethniki Insurance
, which expected to increase fee revenues to 30% from about 20% last year.

CVC, which manages assets worth 191 billion euros, bought a 90% stake in Ethniki, the country's second largest, from National Bank NBGr.AT in 2021.

Greek banks have got back to normal after three recapitalisations that led to their nationalisation after the country was rocked by a financial meltdown in late 2009.

 (Reporting by Lefteris Papadimas; Editing by Leslie Adler and Nick Zieminski)

 ((lefteris.papadimas@thomsonreuters.com; +30 6944 248134; Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))