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National Bank is expected to announce this week its collaboration agreement with Allianz, ending its exclusion from the insurance sector after the loss of Ethniki Insurance.
The Allianz deal provides for the acquisition of 30% of the German group’s Greek activity and a long-term bancassurance partnership, with the bank’s network returning as a key channel for insurance product distribution. The deal allows National to reconnect with an activity that has been a key part of its operation for decades, diversify its revenue sources and strengthen its commission income.
Allianz Greece is the country’s sixth largest insurer in terms of operations and does not have a partnership with a bank. Its choice is the result of a thorough market assessment National carried out for several months after ending its collaboration with CVC Capital Partners, when in early 2025 it announced the sale of Ethniki to one of its main rivals, the Piraeus Group.
From National’s perspective, the Allianz pact creates a new momentum for both groups. Allianz operates in all insurance sectors and as a member of a multinational group it provides a wide range of insurance products.