BoC acquires Cyprus’ Ethniki Insurance
Bank of Cyprus made a bold move to strengthen its footprint in the local insurance market on Monday, announcing the signing of a binding agreement to acquire 100% of Ethniki Cyprus Insurance Ltd.
The 29.5-million-euro deal, fully paid in cash, is still pending regulatory approvals but is expected to wrap up in the second half of 2025. Once complete, the acquisition will give BoC a bigger slice of the insurance pie, particularly in the life and general insurance sectors, where Ethniki Cyprus currently holds a 2% and 4% market share, respectively.
The bank said the deal is aligned with its wider strategy to grow its insurance business and create a more balanced income stream beyond traditional banking. By bringing Ethniki Cyprus under its wing, the group expects to boost its insurance revenues significantly. Projections based on 2024 audited figures show a 15% rise in gross premium income and a 10% increase in net profits from insurance activities, helping to drive more non-interest income for the group overall.
This acquisition marks another step in BoC’s efforts to diversify its operations and strengthen its long-term stability in an evolving financial landscape.
