Piraeus Financial, one of Greece's largest banks, is in exclusive negotiations with CVC Capital Partners to acquire a 70% stake in Ethniki Insurance for approximately 469 million euros ($485.84 million). This move is part of Piraeus's strategy to increase its fee revenues from 20% to 30%.

CVC Capital Partners, which manages assets totaling 191 billion euros, previously acquired a 90% stake in Ethniki from the National Bank in 2021. The ongoing discussions signal a significant shift in the Greek banking landscape, which has been recovering from a financial crisis that began in late 2009.

Greek banks, including Piraeus, have undergone three recapitalizations and have returned to normal operations after being nationalized during the crisis. They have successfully reduced bad loan ratios and regained profitability, leading to the European Central Bank's approval for dividend payments for the first time in 16 years.

Piraeus, which completed its full privatization last year, anticipates a net profit of 1 billion euros for 2024 and plans to distribute 35% of its profits to shareholders. To facilitate the acquisition of Ethniki, Piraeus has engaged UBS as a financial adviser and Milliman as an actuarial consultant.