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Tuesday, July 16, 2024

The Greek – CNP deal is officially “closed”: the signatures have been signed

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«Eκλεισε» κα&iota εσηοει–CNP:εο ι υπογραφς

Upon completion of the transaction, which is estimated by the first quarter of 2025, the bank will have a leading position in the Cyprus insurance market, with market shares of around 30% and approximately 23% in the life and general insurance sectors, respectively.

As Hellenic Bank announced, CNP Assurances' consultation with its European Labor Council has been completed, with the Bank and CNP Assurances proceeding to sign the relevant Sale and Purchase Agreement.

The acquisition, which is subject to regulatory approvals, including the Commission for the Protection of Competition, essentially marks the creation of the largest insurance organization in Cyprus with leading market shares in both the life and general insurance sectors.

Specifically, through this acquisition, the bank acquires CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece and consists, among others, of CNP Cyprialife Limited, CNP Asfalistiki Limited, CNP Zois M.A.A.E. and CNP Cyprus Properties Ltd.

The subsidiaries of CNP Cyprus Insurance Holdings Limited hold a leading position in the insurance industry in Cyprus and this transaction will enable the bank to further strengthen its insurance activities and become a leading financial group with a strong presence in both the financial and insurance sectors in Cyprus.

This transaction is complementary to the bank's business model, offering significant growth opportunities and enriching the products and services it provides to its broad customer base.

Early 2025 completion of the transaction

Upon completion of the transaction, which is estimated by the first quarter of 2025, the Bank will have a leading position in the Cyprus insurance market, with market shares of approximately 30% and approximately 23% in the life and general insurance sectors, respectively.

At this stage, the existing operations of the companies involved remain intact and the companies will continue to operate autonomously and independently until the completion of the Transaction.

Interim CEO Antonis Rouvas noted that “this transaction strengthens the group and fits perfectly with our business model, offering significant growth opportunities. We are excited about this transaction and look forward to welcoming the staff of CNP Cyprus Insurance Holdings Limited to the Hellenic Bank family”.

As he pointed out, “our aim is to combine the strengths, expertise and valuable experiences of each staff member, in order to modernize and upgrade our services but also to expand the range of our insurance products, responding to the needs of our customers”.

The bank has consulted BNP Paribas for the acquisition, Ioannidis Dimitriou D.E.P.E. for legal matters, Cronje & Yiannas Actuaries and Consultants Ltd for actuarial and HR matters, and Deloitte Ltd for financial and accounting matters.

source: Economy Today

Source: 24h.com.cy

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