Eurobank announced on Thursday that it had entered into a definitive agreement to acquire an additional 80 per cent stake in Eurolife Life Insurance, strengthening its position in the insurance sector.

The bank stated that the agreement was signed with entities controlled by Fairfax Financial Holdings Limited in connection with the acquisition of 80 per cent of Eurolife FFH Life Insurance Single Member S.A.

The transaction follows an earlier announcement made on October 13, 2025, the bank stated.

According to the announcement, the consideration for the acquisition amounts to approximately €813 million.

Upon completion of the transaction, Eurobank will own 100 per cent of Eurolife Life.

The bank also confirmed that it will continue to hold a 20 per cent stake in Eurolife Holdings’ general insurance business.

In addition, Eurobank stated that the previously announced transaction concerning the sale of a 45 per cent stake in ERB Asfalistiki (Cyprus) is expected to be signed in the coming weeks.

The agreement regarding ERB Asfalistiki (Cyprus) remains subject to the necessary corporate approvals.

Eurobank said the transaction is expected to generate a cash consideration of approximately €55 million.

The bank further stated that the estimated impact of the acquisition on the group’s profit and loss account, as well as on its common equity tier 1 (CET1) ratio, remains unchanged compared with the previous announcement.

Completion of the Eurolife Life acquisition remains subject to all required regulatory and other approvals, along with customary closing conditions.

According to Eurobank, the transaction is expected to be completed during the third quarter of 2026.

The bank also disclosed the advisers involved in the deal. Deutsche Bank AG, London Branch acted as financial adviser to Eurobank in connection with the transaction.

EY provided due diligence services for the acquisition process, while legal advisory services were provided by Milbank LLP and PotamitisVekris.