Hellenic Bank confirms thoughts of expansion in the insurance sector, does not deny interest in CNP
11:36 - 25 January 2024
Through an announcement to the Cyprus Stock Exchange (CSE), Hellenic Bank has left open the possibility of expanding its operations in the insurance sector, including, if deemed appropriate for its interests, the acquisition of existing insurance companies.
In the announcement, which was issued on the occasion of a news report about the bank's discussions related to a Cypriot insurance company, which is a subsidiary of a foreign group (CNP Cyprus), Hellenic Bank states that:
"The bank often explores possibilities to expand its operations in the insurance sector, including, if deemed appropriate for its interests, the acquisition of existing insurance businesses.
If and when there is a specific development for the realization of such an eventuality, the investing public will be properly informed."
It is noted that information that has seen the light of day suggests that Hellenic Bank showed interest in acquiring CNP Cyprus, a subsidiary of the French insurance giant CNP Assurances.
According to the same information that saw the light of day, the discussion process for the sale of the CNP subsidiary in Cyprus began approximately two months ago while the period of time by when it will be concluded is currently unknown.