Hellenic Bank to acquire MetLife share in Hellenic Alico Life

Hellenic Bank has signed a share-purchase agreement with MetLife Services Cyprus Limited for the acquisition of the entire participation interest of MetLife, equal to 27.5%, in the share capital of Hellenic Alico Life Insurance Company Limited.

According to a relevant announcement, the transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020.

Hellenic Alico Life is a joint venture between the Bank and MetLife, established in 2000, and has become one of the most successful bancassurance business entities in Cyprus.

MetLife Cyprus General Manager Kyriakos Apostolides said “the joint venture’s success is testament to the work of the MetLife employees who have supported this partnership over the years. The sale will have no impact on MetLife Europe customers’ policies and existing terms and conditions will continue to apply.”

CEO of Hellenic Bank Yannis Matsis said “the acquisition is in line with our strategy to transform and reposition our insurance subsidiaries and our bancassurance distribution model in order to enhance the total income from insurance related activities.”

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.