CNP CYPRUS INSURANCE HOLDINGS announces that its majority shareholder CNP ASSURANCES, France’s leading insurance company with operations across the globe, which owns 50,1% of its share capital, came to an agreement with Bank of Cyprus to acquire the remaining 49,9% stake in CNP CYPRUS INSURANCE HOLDINGS.
The completion of this acquisition is subject to approval of the relevant regulatory authorities. Closing of the transaction is expected in the second half of 2019.
This development confirms the confidence of CNP ASSURANCES in the attractive prospects of the Cypriot insurance market. It also confirms the successful strategy conducted by the Management which has translated into the Group’s sustainable growth over the last years and the leading positions attained by the Group’s companies CNP CYPRIALIFE and CNP ASFALISTIKI in their respective markets. Mr Xavier Larnaudie-Eiffel, Deputy CEO of CNP ASSURANCES and Chairman of the Board of CNP CYPRUS INSURANCE HOLDINGS stated: “We are very pleased to conclude this transaction with Bank of Cyprus. The outcome will further strengthen the capacity of our subsidiary, a leader in Cyprus, to expand its business with the full support of our teams in Paris. We are very motivated to contribute prominently to the development of insurance market in Cyprus".
Mr. Takis Phidia, CEO of CNP CYPRUS INSURANCE HOLDINGS stated: “this agreement empowers significantly the CNP CYPRUS Group in achieving new ambitious growth targets and consolidating new strategic developments”.