Piraeus eyes private equity-backed National Insurance acquisition in strategic move to boost fee revenue

CEO Christos Megalou confirmed the discussions during a press conference, highlighting that the acquisition could increase the bank’s fee income from 20% to 30%.

CVC Capital, which manages €191bn in assets, acquired a 90% stake in National Insurance from National Bank in 2021. The potential sale aligns with Piraeus’ strategy to strengthen its revenue streams and enhance its market position.

In a stock exchange filing, Piraeus stated that it is still assessing the investment and has not yet reached a final agreement. The bank, which fully privatised last year, expects €1bn in net profit for 2024 and plans to distribute 35% of its earnings to shareholders.

This move reflects the broader recovery of Greek banks, which have undergone multiple recapitalisations and nationalisation over the past decade. The European Central Bank’s recent approval for Greek banks to resume dividend payments, after a 16-year hiatus, signals growing confidence in the sector’s stability.

Source: Life Insurance International

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