The Bank of Greece approved the acquisition of CNP Cyprus’s insurance companies – CNP Cyprialife and CNP Insurance – by the Hellenic Bank group, according to the Hellenic Bank CEO Michael Louis, cyprusinsurancenews.com wrote.

According to the statement, this approval was necessary due to CNP’s presence on the Greek market as an insurance company. It follows the approval that had already been received from the Commission for Protection of Competition (CPC), while final approval from France is expected within the coming weeks.

As the CEO of Hellenic Bank noted, upon completion of the transaction, the Hellenic Bank group will have a total of four insurance companies. And the aim is to consolidate the companies by sector: the merger of the two general insurance companies (Pancyprian and CNP Insurance) and the two life insurance companies (Hellenic Insurance and CNP Cyprialife).

With the completion of this strategic move, the Hellenic Bank group will have two stronger insurance companies – one in the non-life sector and one in the life sector – significantly strengthening its position in the Cypriot insurance market, the source added.