National Bank – Piraeus: The “map” of bancassurance is changing

The security marketplace is awaiting the announcements of National Bank and Piraeus Bank regarding their intentions successful the bancassurance sector.

National Bank is reportedly acceptable to denote its caller partners successful backstage insurance, while Piraeus Bank is redesigning the improvement strategy of Ethniki Insurance, arsenic it will σύντομα travel under its implicit control.

The moves of the two banks are besides of large involvement for backstage insurance, arsenic they negociate premiums of astir 0.5 cardinal euros, while the decisions they will marque impact astatine slightest 5 ample security companies astatine this stage based connected the accusation successful the sector. Of course, the two banking groups are keeping their cards closed regarding what they are planning.

Scenarios for the adjacent day

Sources of “N” reported that National Bank is already successful consultation with NN, successful bid to reason a multi-year bancassurance agreement, while examining the anticipation of acquiring a number stake successful the institution astir 30%-35%. In bid to conscionable its needs successful the General Insurance assemblage – since, arsenic is known, NN does not run successful this tract – the aforesaid sources noted that National Bank is successful negotiations with Interamerican, with which it had already started akin discussions, earlier the opening of the summer, while, according to different sources, contacts are besides being made with Allianz for General Insurance.

There is, however, accusation according to which the National Bank would beryllium funny successful processing a multi-channel system for distributing security products from its network.

As for ERGO, whose declaration with Piraeus Bank will beryllium terminated, it seems to beryllium successful hunt of a caller banking partner. According to information, a “window” for consultation with the National Bank has opened, so it remains to beryllium seen however it will capable oregon if it will capable the spread that will beryllium created successful its accumulation by the termination of its practice with Piraeus Bank. It should beryllium noted that the different two systemic banks person agreed with security partners, and 1 besides has a shareholding partnership, so it would beryllium hard for ERGO to reason a caller bancassurance declaration of a akin scope to the 1 it presently has.

Meanwhile, negotiations are ongoing successful Greece’s caller bancassurance representation and the caller contracts of National Bank, fixed that almighty players successful the security marketplace are striving to get a “position” successful 1 of the strongest banking networks successful the country. It is not unlikely that there will beryllium surprises, susceptible of causing a wide domino of developments successful the security market. Much will besides beryllium judged by whether National Bank will want to get a shareholding concern with its caller partners successful the security marketplace oregon its caller partner, provided that the planned concern involves a institution with enactment successful some main security sectors.

The value of the portfolio

Market sources estimated that Ethniki Insurance, done the National Bank network, generates a retail value of 80 cardinal euros, to which sales of single premium products should beryllium added, expanding its revenues to a greater extent, whenever akin products are placed connected the market.

On its part, NN is reported to person developed a bancassurance enactment (Life insurance) with Piraeus Bank, which exceeds 300 cardinal euros successful value, and ERGO’s enactment successful General Insurance is estimated astatine 150 cardinal euros.

As acold arsenic NN is concerned, its biggest stake will beryllium to execute with its caller banking spouse the precocious show it develops with the Piraeus network.