Cyprus: CNP Assurance acquires Bank of Cyprus stake in insurance units

5 June 2019 — Andrei Victor
CNP Cyprus Insurance Holdings announced that its majority shareholder - the France's insurer CNP Assurances which owns 50.1% of its share capital, came to an agreement with Bank of Cyprus to acquire the remaining 49.9% stake in CNP Cyprus Insurance Holdings.

The completion of this acquisition is subject to approval of the relevant regulatory authorities. Closing of the transaction is expected in the second half of 2019.

Xavier LARNAUDIE-EIFFEL, Deputy CEO of CNP Assurances and Chairman of the Board of CNP Cyprus Insurance Holdings underlined the confidence of CNP Assurances in the attractive prospects of the Cypriot insurance market:

"We are very pleased to conclude this transaction with Bank of Cyprus. The outcome will further strengthen the capacity of our subsidiary, a leader in Cyprus, to expand its business with the full support of our teams in Paris. We are very motivated to contribute prominently to the development of insurance market in Cyprus".

Takis PHIDIA, CEO of CNP Cyprus Insurance Holdings pointed out that "this agreement empowers significantly the CNP CYPRUS Group in achieving new ambitious growth targets and consolidating new strategic developments".

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