The price of transaction amounts to EUR 29.5 million in cash, with its completion expected within the second half of 2025, after receiving all necessary supervisory approvals, cyprusinsurancenews.com wrote.
It is noted that this acquisition is part of Bank of Cyprus’ strategic plan to expand its insurance activities and further strengthen its diversified business model. Once the transaction is completed, Bank of Cyprus estimates that the Group’s gross premium income and net result from insurance operations will increase by 15% and 10% respectively in life and non-life segments.
The agreement, according to the announcement, will allow Ethniki Insurance to focus on its dynamic transformation and strengthening its leading position in the Greek market.
This acquisition is expected to significantly change the landscape in the Cyprus insurance market, further strengthening the position of Bank of Cyprus in the sector and potentially leading to new synergies between banking and insurance services in the Cypriot market, the source added.
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