Piraeus Bank is ready to strengthen its presence in the insurance sector through a shareholding relationship after the Competition Commission gave the green light for the acquisition of Ethniki Insurance.
In particular, by decision of August 11, the Competition Commission unanimously approved the acquisition of Ethniki Insurance by Piraeus Bank, as it does not harm competition in the banking products and services markets to which it relates.
Piraeus Bank’s presence is strengthened
The acquisition of Ethniki Insurance by CVC Capital Partners Fund VII is expected to strengthen Piraeus Bank’s presence in the insurance sector, already having NN Hellas and ERGO in its portfolio.
The acquisition was officially announced in March 2025 and was valued at 600 million euros. According to the announcement, the transaction is expected to increase the bank’s earnings per share by approximately 5% and the return on tangible equity by approximately one percentage point. The same announcement added that this acquisition is expected to upgrade Piraeus Bank’s pro forma capital position to approximately 18.5% for 2025, while it is expected to reach approximately 19.5% by 2027 and approximately 20% by 2028.
The Competition Commission approved the acquisition based on two factors: a) that the concentration does not harm competition in the sector and b) that Piraeus Bank should not distribute Ethniki Insurance’s products in its own branch network.
