15 Oct 2026
NBG acquires 30% stake in Allianz European Reliance
- RE+D Magazine
The National Bank of Greece (NBG) has signed agreements to acquire a 30% minority stake in Allianz European Reliance and establish a long-term bancassurance partnership, implementing the agreement announced on 7 May 2026, when a Memorandum of Understanding (MoU) was signed with Allianz SE.
Specifically, NBG has signed a Share Purchase Agreement for the acquisition of a 30% stake in Allianz European Reliance, as well as a Bancassurance Agreement providing for the long-term exclusive distribution of insurance products through NBG’s banking network.
The partnership covers life, health and general insurance products, with distribution expected to commence in early 2027. Through the agreement, NBG is strengthening its presence in the insurance sector and expanding the range of insurance products available to its customer base.
Completion of the share acquisition remains subject to customary conditions precedent, including the receipt of the necessary regulatory approvals.
Transaction Advisers
As part of the transaction, Barclays Bank Ireland PLC acted as NBG’s exclusive financial adviser. Freshfields Bruckhaus Deringer LLP and Karatzas & Partners served as international and Greek external legal advisers, respectively.
Meanwhile, Oliver Wyman provided commercial advisory services, while EY acted as NBG’s actuarial and accounting adviser.