Piraeus Bank concludes $654m acquisition of Ethniki Insurance

Core Insights - Piraeus Bank has successfully acquired Ethniki Holdings, the parent company of Ethniki Insurance, for a total cash payment of €600 million, marking a significant strategic move for the bank [1][6] - Ethniki Insurance serves 1.8 million active customers and reported gross written premiums of €850 million for 2024, holding a 14.6% share of the national insurance market [1][2] - The acquisition is expected to enhance Piraeus Bank's capital ratio to approximately 19% by the end of 2025, supporting a Pillar 2 Guidance buffer estimated at 300 basis points [4] Company Overview - Ethniki Insurance has a market share of 18.3% in life insurance and 11.3% in non-life insurance, with total assets of €4.1 billion and shareholders' equity of €400 million as of 2024 [2] - The insurer reported a pre-tax profit of €14.8 million for 2024, with unaudited results for the first ten months of 2025 indicating a pre-tax profit exceeding €30 million [2] Strategic Implications - The integration of Ethniki Insurance is aimed at broadening Piraeus Group's revenue sources and expanding its range of banking, protection, and investment products [5] - Piraeus Group's CEO emphasized that this acquisition represents a defining moment for the group, highlighting its commitment to revenue diversification and strategic growth [5][6] - The collaboration is expected to create new opportunities for growth and enhance value for customers and shareholders [3][5]