Piraeus completes acquisition of Ethniki Insurance

Core Viewpoint - Piraeus Financial Holdings has successfully acquired 100% of Ethniki Insurance's parent company, Ethniki Holdings, enhancing its revenue diversification and strategic growth in the financial services sector [1][3][4]. Group 1: Acquisition Details - The acquisition was completed for a total consideration of €0.6 billion in cash, following exclusive discussions that began in February 2025 regarding a potential 70% stake acquisition for €469 million [3]. - Piraeus Financial Holdings' total capital ratio is projected to be around 19% by the end of 2025, which includes a Pillar 2 Guidance buffer of approximately 300 basis points [3]. Group 2: Strategic Implications - The acquisition is expected to diversify Piraeus Group's revenue sources and complement its product offerings in banking, protection, and investment solutions [4]. - Ethniki Insurance, as one of Greece's leading and oldest insurers, serves 1.8 million active customers and provides a wide range of insurance products [4]. Group 3: Future Plans - In the first quarter of 2026, Piraeus will outline its medium-term ambitions for the expanded group, focusing on growth and value creation for shareholders, customers, and employees [5]. Group 4: Leadership Insights - The CEO of Piraeus Group emphasized that the acquisition marks a significant milestone for the company, enhancing its capabilities and setting a new benchmark in the Greek economy [6]. - The CEO of Ethniki Insurance highlighted the acquisition as a new era for the company, creating opportunities for growth and value for stakeholders [6]. Group 5: Advisory Support - UBS Europe SE acted as the financial advisor for Piraeus on this transaction, with additional support from Milliman and Milbank LLP as actuarial advisors, and Moratis Passas and Potamitis Vekris as legal advisors [6].