Hellenic Bank informed that, following its previous announcement on July 10, 2024 regarding its agreement with CNP Assurances for the acquisition of CNP Cyprus Insurance Holdings Limited, the Competition Protection Committee approved the acquisition on 27 November 2024, cyprusinsurancenews.com writes.

Completion of the acquisition is subject to additional regulatory approvals and is expected to be completed by the end of the first quarter of 2025.

Through this transaction, Hellenic Bank acquires CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece and includes CNP Cyprialife Limited, CNP Asphalistíki Limited, CNP Zois M.A.A.E. and CNP Cyprus Properties Ltd. These subsidiaries hold a leading position in the Cyprus insurance industry, maintaining high market shares in the life and non-life insurance sectors.

It is noted that this acquisition strengthens the Bank's presence on the insurance market, making it one of the leading financial groups in Cyprus. With market shares of approximately 30% in the life sector and 23% in the non-life sector, the Bank is expected to become a leader of the Cyprus insurance market, the source added.