Hellenic Bank has signed a share-purchase agreement with MetLife Services Cyprus for the acquisition of its 27.5% participation in the share capital of Hellenic Alico Life Insurance giving it a 100% control.
According to a statement, the transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020.
Hellenic Alico Life is a joint venture between the Bank and MetLife, established in 2000, and has become “one of the most successful bancassurance business entities in Cyprus, with a strong reputation for trust and customer experience,” said the statement.
MetLife Cyprus General Manager Kyriakos Apostolides said, “the joint venture’s success is testament to the work of MetLife employees who have supported this partnership over the years.”
“I would also like to thank everyone at Hellenic Bank for their partnership and wish the business every future success. The sale will have no impact on MetLife Europe customers’ policies and existing terms and conditions will continue to apply,” he added.
Yannis Matsis, CEO of Hellenic Bank said, “the acquisition is in line with our strategy to transform and reposition our insurance subsidiaries and our bancassurance distribution model in order to enhance the total income from insurance related activities.”