Cyprus Mail

Hellenic says no sale of insurance units taking place

By Stelios Orphanides

Hellenic Bank, Cyprus’s third largest lender, said that there is no process in progress for the sale of part of or its entire stake in its insurance units Pancyprian Insurance Ltd and Hellenic Alico Life Insurance Co. Ltd.

The bank, which was commenting in a statement on the website of the Cyprus Stock Exchange, said it was addressing “press reports and rumours”.

Hellenic’s insurance companies “focus on offering modern and competitive insurance products that meet market standards and invest in new technology and automatization which serve clients better”, the bank said, adding that with Hellenic’s support, the two insurance companies continue to play a role on the insurance market.

Hellenic Bank received “significant interest” from potential partners for its insurance business to which the bank, focused on its core operations, has deemed a lower priority, the bank’s chairwoman Irene Georgiadou said.

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