Greek banks changing their strategy in insurance

Banks are returning to normality aft the decennary of crisis, with the repurchase of their security companies, banking sources told “N”, aft the Eurobank – Fairfax woody for 80% of Eurolife (Life).

This specific statement reflects the dynamic instrumentality of banks – often their subsidiaries – to security and the strengthening of the bancassurance portfolio.

The Eurobank woody comes aft the statement of Piraeus, which has already proceeded with the acquisition of Ethniki Insurance, arsenic well arsenic soon earlier the announcement of the caller security “steps” of the National Bank, arsenic “N” has besides reported.

These moves, arsenic marketplace players emphasized, represent a dynamic instrumentality to normality for the banks, leaving down each trace of the crisis.

Greek banks “today person the superior adequacy and the indispensable liquidity to retrieve the security enactment again”, marketplace sources noted. It is recalled that the merchantability of security companies by banking groups was not a voluntary oregon concern choice, but was imposed by the supervisory authorities, arsenic a effect of the crisis. A typical illustration was Eurobank, which had sold the bulk stake (80%) of Eurolife to Fairfax Financial Holdings (FFH) and is present recovering it, arsenic well arsenic National Bank.

Therefore, the repurchase of security activities present marks “one of the last steps successful restoring the Greek banking system to afloat normality,” banking sources noted, leaving down the special conditions of the crisis, and successful afloat alignment with the European fiscal sector. More specifically, Greek systemic banks person entered a dynamic trajectory, which makes them susceptible of competing with ample European banking groups.