Ergo to buy Piraeus Bank subsidiary ATE Insurance

Piraeus Bank, Greece’s second-largest lender by assets, has agreed to sell its ATE Insurance business to Ergo Insurance Group, a subsidiary of German reinsurer Munich Re, for 90.1 million euros in cash.

“Piraeus Bank has made a significant step forward in executing its strategy to gradually exit non-banking activities,” the bank’s deputy CEO Anthimos Thomopoulos said in a statement last week.

Piraeus acquired ATE Insurance in July 2012 after buying the healthy part of ATEbank.

ATE Insurance is the fifth-largest property casualty insurer in Greece with premium income of 170 million euros last year.