The Hellenic Competition Commission unanimously approved the acquisition of Ethniki Insurance by Piraeus Bank.
According to the decision, the concentration concerns the provision of life insurance and non-life insurance and reinsurance services, as well as the distribution of bancassurance products.
For the final decision, data was collected from twenty companies (banks and insurance firms), as well as from the competent authorities.
Regarding the distribution of insurance products through banks, it is noted that Piraeus Bank maintains existing partnerships with other insurance companies and will not distribute Ethniki Insurance products through its own branch network.
Therefore, according to the decision, the concentration does not raise serious doubts as to its compatibility with the requirements of competition in the relevant markets in which the companies operate.
“It does not change the competitive conditions of the market,” the Commission concluded.
