Generali has completed its acquisition of AXA’s Life & Savings and Property & Casualty businesses in Greece, for a total cash consideration of €167 million.
Announced back in December 2020, the deal also sees Generali enter into a 20-year exclusive distribution agreement with Alpha Bank.
The partnership with Alpha Bank, which serves approximately 3.1 million customers through a network of more than 300 branches in Greece, will support Generali’s ambition to enhance its bancassurance channel to boost P&C sales, the company said.
Following the acquisition, Panos Dimitriou will become the CEO of the insurance entities of the Generali Group in Greece.
“This acquisition is in line with Generali’s strategy to consolidate its leadership position in Europe,” said Jaime Anchústegui Melgarejo, CEO International of Generali. “We have secured a leading role in the Greek insurance market, becoming a top-3 player in P&C and Health while strengthening in the Life segment.
Vassilios Psaltis, CEO of Alpha Bank, also commented: “Our strategic partnership with Generali is a cornerstone of our ambition to consolidate our competitive position in the bancassurance space and forms part of our updated Strategic Plan, “Project Tomorrow”. We welcome Generali and look forward to an excellent cooperation for the benefit of our customers and the societies we operate in.”