Eurobank strengthens position in the insurance sector following deal with Fairfax

Eurobank announced the signing of a definitive agreement to acquire an 80% stake in the Eurolife Life insurance company from entities controlled by Fairfax Financial Holdings. The company is valued at approximately 813 million euros. Upon completion of the transaction, Eurobank will become the 100% owner of Eurolife Life, while simultaneously retaining a 20% stake in the general insurance company Eurolife Holdings.

The bank noted that the transaction is part of its strategy to strengthen the group's position in the insurance business and expand financial services. The completion of the purchase is expected in the third quarter of 2026, following receipt of all necessary regulatory approvals and fulfillment of standard closing conditions. Deutsche Bank acted as financial advisor, EY conducted the audit, and legal support was provided by Milbank LLP and PotamitisVekris.

Separately, Eurobank confirmed that the signing of the previously announced deal to sell a 45% stake in the ERB Asfalistiki insurance company in Cyprus is planned for the coming weeks. The agreement is valued at approximately 55 million euros. The bank emphasized that the impact of both deals on financial performance and the CET1 capital adequacy ratio will remain within previously announced forecasts.

Experts note that Eurobank's activity reflects the ongoing consolidation of the region's financial and insurance markets. For Cyprus, the deal is also significant as it affects the local insurance sector and confirms the interest of major banking groups in expanding their presence on the island.