Piraeus Financial Holdings S.A. has announced its acquisition of Greek insurer Ethniki Asfalistiki, confirming a deal with CVC Capital Partners Fund VII. Piraeus Bank, a subsidiary of the holding company, has signed a Share Purchase Agreement to acquire a 90.01% stake in Ethniki Insurance’s parent company for €600 million in cash.

This acquisition is expected to diversify Piraeus Bank's revenue streams and enhance its product offerings, allowing it to provide a more comprehensive suite of banking, insurance, and investment solutions. Ethniki Asfalistiki is a prominent player in the Greek insurance market, holding a 14.5% market share, with approximately 17% in life insurance and 11% in non-life insurance. As of 2024, the insurer reported over €0.8 billion in Gross Written Premiums (GWP).

As of 2023, Ethniki Insurance's financials included €4 billion in total assets, €400 million in shareholders’ equity, and an adjusted pre-tax profit of €100 million, excluding non-recurring items. Following the acquisition, Piraeus Bank plans to upgrade its financial guidance through 2028.

The transaction is still pending regulatory approvals from the relevant authorities.