Reuters logo
Greece's Piraeus Bank to sell insurance unit to Ergo Insurance
August 14, 2014 / 5:11 PM / 3 years ago

Greece's Piraeus Bank to sell insurance unit to Ergo Insurance

ATHENS, Aug 14 (Reuters) - Piraeus Bank, Greece’s second-largest lender by assets, agreed to sell its ATE Insurance business to Ergo Insurance Group, a subsidiary of German reinsurer Munich Re, for 90.1 million euros ($120 million) in cash.

The sale is part of Piraeus Bank’s restructuring plan, which aims at divesting non-core assets to bolster the lender’s capital position. Piraeus Bank is majority owned by Greece’s bank bailout fund HFSF.

“Piraeus Bank has made a significant step forward in executing its strategy to gradually exit non-banking activities,” the bank’s deputy CEO Anthimos Thomopoulos said in a statement on Thursday.

Piraeus acquired ATE Insurance in July 2012 after buying the healthy part of ATEbank. ATE Insurance is the fifth-largest property casualty insurer in Greece with premium income of 170 million euros last year. (Reporting by George Georgiopoulos; Editing by Erica Billingham)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below