Hellenic Bank has confirmed ongoing discussions about the potential acquisition of CNP Cyprus, a subsidiary of the French insurance giant CNP Assurances, a move that could substantially reshape the domestic insurance market.

The Bank, in a statement to the Cyprus Stock Exchange, acknowledged its interest in expanding its operations in the insurance sector. This includes the possible acquisition of existing insurance enterprises, aligning with its strategic interests. The announcement comes a day after Kathimerini reported that the Hellenic Bank was among the final contenders for acquiring CNP Cyprus.

The talks for the acquisition of CNP Cyprus have gained momentum, with another major player, ERGO Insurance Group from Germany, also reportedly in the fray. Sources within the insurance market have confirmed the likelihood of CNP Cyprus Insurance Holdings changing hands, as CNP Assurances is considering a sale of its stake, signaling a strategic shift away from the Cypriot insurance market.

The Hellenic Bank, which already owns two insurance companies, Hellenic Life and Pancyprian, has shown a sustained interest in strengthening its position in the insurance sector. 

The potential acquisition of CNP Cyprus by the Hellenic Bank is particularly intriguing, considering the historical context. In 2019, CNP Cyprus had shown interest in acquiring the Bank's insurance portfolio, a deal that did not materialize. Now, four years later, the tables have turned, with the Hellenic Bank expressing interest in acquiring CNP Cyprus.