Piraeus Bank sells ATE Insurance to Munich Re

Piraeus Bank, Greece’s biggest lender, has completed the sale of its ATE Insurance business to German reinsurer Munich Re for 90 million euros, Piraeus said on Monday.

Piraeus has sold its fully owned ATE Insurance to Ergo International, a subsidiary of Munich Re, and the price is subject to changes, according to the relevant share and purchase agreement, Piraeus said in a statement.

[Reuters]