On August 11, 2025, the Greek Competition Authority issued Decision No. 888/2025, approving Piraeus Bank's acquisition of control over National Insurance in accordance with Article 8, paragraph 3 of Law 3959/2011.

Piraeus Bank is a public limited company providing comprehensive financial services in Greece and abroad, ranking among the four systemic banks in the country. National Insurance, prior to the transaction, was under the indirect control of investment fund CVC Capital Partners SICAV-FIS S.A. and operates as a multi-line insurance company under the supervision of the Bank of Greece.

The concentration primarily concerns the broader market for life insurance, property insurance, and reinsurance services, as well as the insurance brokerage market and the distribution of bancassurance products. To evaluate the concentration, data was collected from twenty companies (banks and insurance firms) and relevant authorities. Considering the market shares of the participating companies and the interchangeability of insurance brokerage channels, the Competition Authority concluded that the transaction does not alter competitive conditions in the market at either horizontal or vertical levels.

Furthermore, the available data indicated that the concentration would not significantly restrict competition in the banking products and services markets it pertains to. Regarding the distribution of insurance products through banks, it was noted that Piraeus Bank maintains existing partnerships with other insurance companies and will not distribute National Insurance products through its own branch network.

Consequently, according to the Decision, the concentration in question does not raise serious doubts about its compatibility with competition requirements in the relevant markets where the participating companies operate.