Piraeus Financial Holdings in talks to buy Greek National Insurance

Piraeus Bank SA

03/02/2025 13:36

ATHENS, Feb 3 (Reuters) - Piraeus Financial Holdings
 BOPr.AT , one of Greece's four largest lenders, is in talks
with private equity firm CVC Capital Partners  CVC.AS  to buy
National Insurance, its CEO told a press conference on Monday.
    Earlier on Monday, the Greek lender, which owns Piraeus
Bank, said in a bourse filing that it is assessing an investment
in National Insurance.
    CVC Capital, which manages assets worth 191 billion euros,
bought a 90% stake in the Greek insurance firm, the country's
second largest, from National Bank  NBGr.AT  in 2021.
    Piraeus Chief Executive Christos Megalou told journalists
that the bank "Is in discussions to buy National Insurance"
adding that if an agreement is reached it will help its group to
increase fee revenues to 30% from about 20% now.
    "We will have one more defence", Megalou said referring to
falling interest rates in euro zone. He didn't providing details
on the possible deal.
    Piraeus, which was fully privatised last year, expects net
profit of 1 billion euros for 2024 and plans to return 35% of
these to shareholders.
    Greek lenders are returning to normality after three
recapitalisations that led to their nationalisation in the
previous decade, when the country was rocked by a financial
meltdown in late 2009.
    Having cut bad loan ratios and returned to profitability,
they received European Central Bank approval last year to resume
dividend payments for the first time in 16 years.

 (Reporting by Lefteris Papadimas; editing by David Evans)
 ((lefteris.papadimas@thomsonreuters.com; +30 6944 248134;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))