CNP Rebrands as ERB Following Hellenic's Acquisition
Deal News | Jun 16, 2025 | EIN
Hellenic Bank has acquired CNP Cyprus Insurance Holdings Limited for €182 million, with the rebranding of CNP Cyprus set to take effect by the end of June 2025. The CNP Cyprus units will be renamed ERB Cyprialife and ERB Asfalistiki, aligning with the Eurobank Group’s branding. This acquisition is a part of a broader strategic merger between Hellenic Bank and Eurobank Cyprus which will form Eurobank Limited. The deal is anticipated to enhance Eurobank Limited’s market position within the insurance sector significantly, achieving a 30% market share in life insurance and 23% in general insurance. In 2024, CNP’s Cyprus-based companies reported combined profits of €25 million.
Sectors
- Finance
- Insurance
- Mergers and Acquisitions
Geography
- Cyprus – The acquisition and rebranding of CNP involve Cyprus-based companies and has a significant impact on the Cyprus insurance market.
- Greece – Both Hellenic Bank and Eurobank have Greek origins which play a role in the strategic merger and acquisition activities.
Industry
- Finance – The acquisition involves major financial institutions and impacts the banking and insurance sectors in Cyprus.
- Insurance – CNP Cyprus is being acquired and rebranded, indicating a shift in the insurance market landscape.
- Mergers and Acquisitions – The article centers on Hellenic Bank's strategic acquisition of CNP Cyprus and subsequent rebranding efforts.
Financials
- €182 million – The total acquisition price Hellenic Bank paid to acquire CNP Cyprus Insurance.
- €25 million – Combined profit reported by CNP's Cyprus-based companies in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hellenic Bank | Bidding Company | Company | The company acquiring CNP Cyprus and leading the rebranding process. |
| CNP Cyprus Insurance Holdings Limited | Target Company | Company | The insurance company being acquired and rebranded following the deal with Hellenic Bank. |
| Eurobank Group | Other Company | Company | Ultimate parent group under which the merged entities, including Hellenic Bank and Eurobank Cyprus, will operate. |
| CNP Assurances | Selling Company | Company | The former parent company of CNP Cyprus that CNP Cyprus must separate from as part of the deal. |
| Eurobank Cyprus | Other Company | Company | Company involved in the strategic merger with Hellenic Bank to form Eurobank Limited. |