By Decision no. 888/2025 adopted on August 11th 2025, the Hellenic Competition Commission approved the concentration concerning the acquisition of Ethniki Insurance Company by Piraeus Bank, according to Article 8 of Law 3959/2011. Piraeus Bank is active in the provision of financial and economic services in the Greek market and abroad and is one of the four systemic banks in Greece. Ethniki Insurance Company (“Ethniki Asfalistiki”) is owned, prior to the completion of the transaction, by the fund CVC Capital Partners SICAV-FIS SA. It operates as an insurance company for various sectors and is supervised by the Bank of Greece.
The transaction primarily concerns the broader markets for life insurance, non-life insurance, reinsurance services, insurance intermediation, and the wider distribution of bancassurance products.
For its assessment, data was gathered from twenty companies (banks and insurance providers), as well as the competent authorities. Based on the file information, the market shares of the undertakings concerned, and the fact that insurance distribution channels are interchangeable, the Hellenic Competition Commission concluded that, although the transaction falls under paragraph 1 of Article 6 of Law 3959/2011, it does not alter the competition conditions of the markets at either the horizontal or vertical level.
The evidence also showed that the transaction is unlikely to significantly limit competition in the markets for banking products and services to which it relates.
Regarding the distribution of insurance products through banks, Piraeus Bank maintains existing partnerships with other insurance companies and will not distribute Ethniki Insurance products through its own branch network.
In conclusion, the HCC found that the transaction raises no serious concerns regarding its compatibility with competition rules in the markets concerned.
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Informal press release for information purposes only, non-binding on the Hellenic Competition Commission. |
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The full text of Decision shall be published in the Government Gazette and posted on the HCC website www.epant.gr |