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Hellenic Bank “very close” to sealing CNP deal

Hellenic Bank is “very close” to finalising a deal with the French insurance group CNP Assurances to acquire CNP’s insurance operations in Cyprus.

Citing market sources, InBusinessNews reports that the deal may even be sealed by the end of this week.

The acquisition is expected to create the largest insurance group in Cyprus with leading market shares both in the life insurance sector and in the general sector, what with Hellenic already owning two insurance firms: Hellenic Life and Pancyprian Insurance.

With the bank currently in the process of being acquired by the Greek Eurobank, HB with its significant excess liquidity and high capital adequacy ratios, has already stated that it is looking to increase its non-interest income, including with the acquisition of insurance business.

Presenting the bank’s 2023 annual results recently, Hellenic Bank’s interim CEO Antonis Rouvas said: “With the capital that we have, this means we have the financial ability at times to look at possible acquisitions. We want to increase our non-interest revenue; the insurance sector has good quality revenue. We are looking at alternative options to increase the non-interest revenue.”

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