Hellenic Bank has signed a share-purchase agreement with MetLife Services Cyprus Limited (“MetLife”) for the acquisition of the entire participation interest of MetLife, equal to 27,5%, in the share capital of Hellenic Alico Life Insurance Company Limited (“Hellenic Alico Life”).
According to a relevant announcement, 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, it is noted.
MetLife Cyprus General Manager, Mr. Kyriakos Apostolides, stated that “the joint venture’s success is testament to the work of the MetLife employees who have supported this partnership over the years. I would like to thank each of them for their hard work in contributing to this success. 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.”
Yannis Matsis, CEO of Hellenic Bank, said on his part that “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.”