The acquisition of control by Piraeus Bank over Ethniki Insurance has been approved by the Competition Committee.

More in detail, on 11 August 2025, the Competition Commission adopted Decision No. 888/2025, which unanimously approved, pursuant to Art. 3 of Law 3959/2011, the concentration concerning the acquisition of control by Piraeus Bank over Ethnikis Asfalissis.

Piraeus Bank is a joint-stock banking company, which is active in the provision of integrated financial services and products in the Greek market and abroad and is among the four systemic banks of the country. Ethniki Insurance, prior to the completion of the transaction, is indirectly controlled by the investment fund CVC Capital Partners SICAV-FIS S.A., operates as a multi-line insurance company and is supervised by the Bank of Greece.

The concentration concerns primarily the broader market for the provision of life and non-life insurance and reinsurance services, as well as the market for insurance intermediation and, more broadly, the distribution of bank insurance products. Data from twenty firms (banks and insurance companies), as well as from the relevant institutions, were collected for the assessment of the concentration.

Taking into account the evidence in the file, the market shares of the participating undertakings in the relevant markets, and the fact that the channels of insurance intermediation are interchangeable, the Competition Commission considered that the transaction, although falling within the scope of para. 1 of Article 6 of Law No. 6, the Commission considered that, despite the fact that the competition rules do not apply, the Commission’s assessment of the market is not sufficient. 3959/2011, does not alter the competitive conditions of the market at the horizontal and/or vertical level.

Furthermore, the available evidence showed that the concentration is not capable of significantly restricting competition even in the markets for banking products and services to which it relates.

Regarding the distribution of insurance products through banks, it is noted that Piraeus Bank maintains existing partnerships with other insurance companies and will not distribute products of Ethniki Insurance through its own branch network.

Therefore, according to the Decision, the concentration in question does not raise serious doubts as to its compatibility with the requirements of competition in the relevant markets in which the parties are active.