Hellenic Bank acquires CNP Cyprus for €182 mln
CNP Cyprus, the subsidiary of the French insurance giant CNP Assurances, is finally being transferred to Hellenic Bank for 182 million euros.
The sale process, initiated in the fourth quarter of 2023 and concluded in the second quarter of 2024, positions Hellenic Bank as the leader in the Cypriot insurance market, with market shares of 30.3% and 23.2% in the life and general insurance sectors, respectively.
The completion of the transaction is contingent upon receiving the necessary regulatory approvals and is anticipated to be finalized by Q1 2025.
While numerous groups initially expressed an interest in acquiring CNP Cyprus, only two remained in contention by the end of January.
As per a statement from CNP Cyprus, the next step in the process involves informing and consulting with the CNP Assurances European Employees Council.
It emphasizes that CNP Cyprus Group customers will continue to receive insurance services with the highest standard of service from its companies and insurance intermediaries.
