Piraeus Bank confirmed that it is in exclusive discussions with CVC regarding the acquisition of 70% in Ethniki Insurance for 469 million euros.
As stated in an announcement, Piraeus Financial Holdings informs the investment community that it has agreed with the investment fund CVC Capital Partners’ Fund VII to proceed with exclusive discussions regarding the potential acquisition by Piraeus of a 70% stake in Ethniki Insurance for 469 million euros.
It is also noted that upon the completion of the potential transaction, Piraeus is expected to further diversify and strengthen its sources of income, creating significantly higher value for its shareholders. Based on the above, the pro forma impact on Piraeus’ capital position is estimated to amount to approximately 150 basis points compared to September 2024. This impact corresponds to a capital ratio with a satisfactory capital buffer compared to the Pillar 2 Guidance level of over 200 basis points.
The background of the first contacts
According to “N” sources, the contacts between the two sides begun last November and initially took place at a strictly top level, that is, only between Alexandros Fotakidis, partner of CVC, and Christos Megalos, CEO of Piraeus Bank, without the participation of the CEO of Ethniki Insurance, Dimitris Mazarakis, for some time.
