Greek banking sector drives insurance market consolidation

The Greek insurance market is undergoing significant consolidation driven by the return of banks to the bancassurance sector. Three major pending transactions are expected to reshape the industry landscape.

National Bank of Greece has signed a memorandum of understanding to acquire a 30% stake in Allianz European Trust. This partnership aims to offer Allianz products through National Bank branches starting in the first quarter of 2027.

Additionally, Eurobank is expected to complete the acquisition of an 80% stake in Eurolife Life by the third quarter of 2026, gaining full control of the life insurance provider. Meanwhile, CrediaBank is merging with Europa Holdings through a share swap, targeting enhanced bancassurance presence and synergies by 2028.

These developments follow Piraeus Bank’s acquisition of Ethniki Insurance in November 2025 for approximately 600 million euros, a move that triggered a series of market reactions and highlighted the convergence between the insurance and healthcare sectors.