Binding offer to CVC Capital Partners for announced Hellenic General Insurance by Piraeus Bank. The amount of the offer amounts to €469 million for 70% of Ethniki Asfalistiki.

The two sides have been in discussions for about two months, and as it emerged from statements made by Piraeus Bank CEO Christos Megalos at the beginning of the week, the two parties are very close to signing an agreement in principle.

Two days ago, Piraeus Bank's CEO, Christos Megalou, went to London, and some reports have him meeting with A. Fotakidis of CVC.

According to the announcement, following the completion of the transaction on 3 February 2025, Piraeus is expected to further diversify and enhance its revenue streams, creating significantly higher value for its shareholders.

Based on the foregoing, the pro forma impact on Piraeus' capital position is estimated to be approximately 150 basis points compared to September 2024. This impact corresponds to a capital ratio with a sufficient capital buffer against the Pillar 2 Guidance level of over 200 basis points

Piraeus intends to pursue the possibility of adopting the Danish Compromise supervisory mechanism in relation to the supervisory treatment of its intended participation in the share capital of National Insurance, a treatment that, if achieved, would reduce the capital impact of the Contingent Transaction to less than 100 basis points.

As noted in the announcement, National Insurance is the leading insurance company in Greece, offering the full range of insurance products, with a market share of approximately 14% (17% in life insurance and 11% in general lines) and EUR 0.8 billion in gross written premiums in 2023. Total assets amounted to EUR 4 billion and share capital to EUR 0.4 billion in 2023. National Insurance recorded a pre-tax profit adjusted for non-recurring items of approximately EUR 100 million in 2023. The sales network of National Insurance extends throughout Greece and was composed in 2023 of approximately 130 Sales Network Offices with more than 1.6 thousand insurance agents, 1.1 thousand associated insurance agencies, and approximately 135 associated insurance brokers, supported also by a network of 6 branches.

Acting for Piraeus in the Potential Transaction are UBS Europe SE as exclusive financial advisor, Milliman as actuarial advisor, and Milbank LLP and Moratis Passas as Piraeus' international and domestic legal advisors, respectively.