National Bank of Greece has signed a share purchase agreement to acquire a 30% minority stake in Allianz European Reliance, Allianz's Greek insurance arm, alongside a long-term exclusive bancassurance agreement, Allianz said on 14 October.
Deal terms and financing
Under the share purchase agreement NBG will take 30% of Allianz European Reliance. A separate long-term exclusive bancassurance agreement covers the distribution of insurance products through NBG's banking channels. The price was not disclosed.
Regulatory approvals and timing
Completion of the share purchase remains subject to customary closing conditions, including regulatory approvals. The bancassurance partnership is expected to begin in early 2027.
Market context
The definitive agreements follow a memorandum of understanding announced on 7 May 2026. Allianz took control of European Reliance in 2022 through share purchases and a tender offer.
