Bank of Cyprus Holdings Public Limited Company (BOC Holdings) has announced the completion of its acquisition of 100 per cent of Ethniki Insurance Cyprus Ltd, following a binding agreement signed with Ethniki Hellenic General Insurance Company S.A. on 14 April 2025.

The consideration for the transaction amounts to €29.3 million paid in cash, reflecting price adjustments in line with the customary terms of the binding agreement.

The capital impact of the transaction is estimated at approximately 15 basis points.

A spokesperson confirmed that the transaction was executed on normal business terms and said that the determination of the fair values of the identifiable acquired assets and liabilities assumed is currently in progress in cooperation with an independent adviser.

Ethniki Insurance Cyprus Ltd is a well-established player in the life and non-life insurance markets in Cyprus, holding a market share of three per cent and four per cent respectively.

The company has a cumulative profitability of approximately €4 million, according to figures provided.

The bank stated that deal “will further strengthen the group’s existing position in the insurance market in Cyprus, maintaining its leading position in the sector”.

The company further mentioned said that the transaction aligns with the group’s strategy to expand its insurance operations, reinforce its customer base and further improve its diversified business model.

It is estimated that the group’s gross written premiums will increase by 15 per cent and the net insurance result by 10 per cent, enhancing the contribution of non-interest income to the group’s revenues.

Ethniki Insurance Cyprus Ltd and its subsidiary, Ethniki General Insurance Ltd, will continue to operate separately from the group’s existing insurance companies, Eurolife Ltd and General Insurance of Cyprus Ltd, until their eventual integration.