Moody, ’s welcomes Hellenic Bank acquisition of CNP Cyprus
– Moody’s has given a positive assessment on Hellenic Bank’s move to acquire CNP Insurance in Cyprus and Greece.
– The acquisition will position Hellenic Bank Group as the leader in the Cypriot insurance market.
– The acquisition price of €182 million is expected to be recovered through retained earnings.
– The agreement is likely to include the 330 CNP employees.
– The potential acquisition will strengthen Hellenic Bank’s activities in the life insurance and general insurance sectors.
– The transaction will enhance the diversification and sustainability of Hellenic’s profitability.
– The combination of insurance activities will result in synergies and create opportunities for product distribution.