Eurobank buys Activa Insurance
EFG Eurobank’s insurance subsidiary EFG Eurolife has reached a deal to fully acquire Activa Insurance from Commercial General Insurance of Cyprus, which will help it to expand in the Greek market, the company said yesterday. No financial details were given. Activa Insurance, formerly CGU Hellas, had annual sales of 25.4 million euros last year and after-tax profits of 3.3 million euros. It is rated BBB+ with a stable outlook by Fitch Ratings. The acquisition, subject to approval by regulatory authorities, will expand Eurobank’s insurance business, both through its branches and through agents. EFG Eurobank is Greece’s second-largest lender by market value. Shares in Eurobank, valued at some 6.3 billion euros, fell 2.12 percent to 12.02 euros yesterday, bringing losses in the last week to 15.35 percent. The Athens Exchange’s benchmark general index shed 1.99 percent to close at 2,933.43 points.
