Greece's new professional insurance funds create a gold market for banks

A reform driven by the Ministry of Labour and Social Security and championed by Niki Kerameos introduces Open Professional Insurance Funds (ΤΕΑ) in Greece. These umbrella funds operate under a single licence from the Bank of Greece, allowing continuous addition of businesses, professional associations and freelancers without separate supervisory approval. The change removes the former requirement that an autonomous fund must have at least 100 insured members, enabling even small enterprises to participate.

Banks view the new funds as a sizeable pool of long‑term savings. They can earn recurring revenue through asset‑management, wealth‑management, custody, administrative and digital services, as well as investment management for the capital that will be channelled into the funds. The legislation thus opens a new market for banks in Greece’s institutional savings sector.