Greece’s Piraeus Bank has completed the €600 million ($695 million) purchase of Ethniki Holdings S.à r.l., the parent company of Ethniki Insurance, marking one of the most significant financial-sector transactions in Greece this year.
The deal closes roughly eight months after the acquisition process began and follows the green light issued by the Hellenic Competition Commission nearly three and a half months ago.
Ethniki Insurance, previously owned by CVC Capital Partners Fund VII and the National Bank of Greece (NBG), will now be a part of the Piraeus Bank Group. In a parallel announcement made only minutes apart, NBG confirmed it has also sold its remaining 9.99% minority stake in the insurer to Piraeus Bank.
Transaction structure and capital impact of Piraeus bank’s acquisition of Ethniki Insurance
For Piraeus Bank, the €600 million ($ 695 million) all-cash consideration marks a significant strategic investment. Following completion, Piraeus Financial Holdings expects its capital adequacy ratio to stand at approximately 19% by the end of 2025, providing a buffer of around 300 basis points above its Pillar 2 requirement.
NBG, which received €62.4 million ($72.2 million) for the sale of its minority stake, anticipates a positive capital impact of roughly 10 basis points on its CET1 ratio. At the end of the nine-month period, that ratio stood at 19%.
A transformational move for Greece’s Piraeus Bank
Integrating Ethniki Insurance is viewed as a key milestone for Piraeus Bank, as it expands its revenue mix and broadens its financial offerings. The acquisition strengthens the group’s ability to deliver banking, insurance, and investment solutions under a unified structure—an increasingly vital competitive advantage in the evolving financial services landscape.
Ethniki Insurance is the largest and oldest insurance company in Greece, serving 1.8 million active customers. The company holds a 14.6% share of the domestic insurance market, including 18.3% in life insurance and 11.3% in non-life coverage. In 2024, it generated €850 million ($984 million) in gross written premiums.
The insurer’s total assets stand at €4.1 billion ($4.75 billion). Profitability has also strengthened. Ethniki Insurance reported €14.8 million ($17 million) in pre-tax earnings for 2024, while unaudited results for the first ten months of 2025 show pre-tax profits exceeding €30 million ($34 million). Its Solvency II capital ratio reached 188% in 2024, well above regulatory thresholds.