Piraeus Bank Acquires Ethniki Insurance for €600m

Piraeus Bank has successfully acquired all shares in Ethniki Holdings, the parent company of Ethniki Insurance, for a total of €600m in cash. This significant transaction positions Piraeus Bank to enhance its financial services portfolio and market reach.

Ethniki Insurance is a major player in the Greek insurance sector, serving 1.8 million customers and holding a 14.6% market share, including 18.3% in life and 11.3% in non-life insurance. The company reported substantial assets and profitability, with pre-tax profits exceeding €30m in the first ten months of 2025.

The acquisition is expected to strengthen Piraeus Financial Holdings' capital ratio, estimated at 19% by the end of 2025. This strategic move aims to diversify revenue, expand product offerings in banking, protection, and investment, and ultimately deliver greater value to customers and shareholders.