on CNP ASSURANCES (EPA:CNP)
CNP Assurances Enters Exclusive Talks to Sell Its Subsidiary in Cyprus and Greece to Hellenic Bank
CNP Assurances has initiated exclusive negotiations with Hellenic Bank Public Company Ltd for the sale of its Cyprus and Greece insurance operations, including CNP Cyprus Insurance Holdings. The operations in these locations represent a minimal portion of the group's total premium income.
The transaction aligns with CNP Assurances' strategy to refine its international presence while focusing on growth in Europe. Hellenic Bank aims to acquire 100% of the shares of CNP Cyprus Insurance Holdings for €182 million, reflecting the book value of the company. This acquisition is expected to marginally impact the CNP Assurances Group’s solvency ratio by approximately 0.7 percentage points.
This proposed sale is contingent upon regulatory approvals and is projected to finalize by the first quarter of 2025. The continuity and expansion of CNP Cyprus Insurance Holdings under Hellenic Bank may provide new growth opportunities within the local market.
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