National Bank and Allianz sign MoU

National Bank of Greece and Allianz have signed a Memorandum of Understanding (MoU), which provides for NBG’s intention to acquire a 30% minority stake in Allianz European Reliance (Allianz Greece).

The MoU also outlined the intention of both parties to enter into a long-term exclusive bancassurance agreement, with an initial term of 10 years and an automatic five-year extension, subject to agreed conditions. In their joint announcement, NBG and Allianz noted that the acquisition of a 30% stake in Allianz Greece by NBG — subject to the necessary regulatory approvals — has been designed “to strengthen the long-term alignment between the two parties and to support sustained investment in product innovation, digital capabilities and service quality.”

At both shareholder and operational levels, the two parties expressed their shared intention “to develop bancassurance into a long-term growth model that goes beyond a standard product distribution agreement.”

Structure of the agreement

Allianz Greece will provide a comprehensive portfolio of general insurance, health and life insurance products, including protection, savings and investment solutions, which will be distributed through NBG’s physical and digital channels. Allianz Greece will contribute its insurance sector expertise, “including product development and underwriting capabilities, while also collaborating with NBG on customer service and communication.”

The planned partnership aims “to support customers in protecting what matters most, planning for the future and safeguarding their long-term financial resilience, while making insurance and savings solutions more accessible through an integrated banking and insurance experience.”

Long-term bancassurance strategy

Pavlos Mylonas, Chief Executive Officer of National Bank of Greece, stated: “This Memorandum of Understanding with Allianz SE marks an important step in strengthening National Bank of Greece’s bancassurance offering. By combining our strong customer relationships and distribution capabilities with Allianz Greece’ insurance expertise, we aim to broaden access to insurance solutions through simpler, more integrated customer journeys, with a clear focus on digital capabilities and service quality.”

Sirma Boshnakova, Member of the Board of Management of Allianz, stated: “This envisaged partnership reflects Allianz SE’s long-term bancassurance strategy and its importance in how we serve customers. By bringing together National Bank of Greece’s strong distribution reach and Allianz Greece insurance expertise and local presence, we aim to broaden access to insurance solutions in a way that is sustainable, well aligned and focused on customer needs, while supporting the long-term development of Allianz Greece.”

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