While early estimates pointed to a formal announcement by March 20, the due diligence process moved along much faster than expected.

Final Announcement Could Come Today

According to sources, both parties may confirm the deal as early as today. The agreement includes National Bank of Greece’s (NBG) stake in Ethniki Insurance, as per the pre-arranged terms with CVC.

What remains to be seen is whether Piraeus Bank will seek to increase its stake further in the future. However, that is a question for another time.

Regulatory Approvals Up Next

Once the deal is finalized, it will undergo the necessary regulatory approvals, including reviews by the Hellenic Capital Market Commission, the Bank of Greece (as Ethniki Insurance’s regulator), the Single Supervisory Mechanism (SSM, overseeing Piraeus Bank), and the European Commission’s DG Competition.

The agreed transaction value stands at €469 million for the 70% stake in Ethniki Insurance, marking a major development in Greece’s financial sector.