CNP Assurances completed the acquisition of a 50% stake in CNP Cyprus Insurance from Bank of Cyprus for $106m.

CNP Assurances, a major French insurance corporation, completed the acquisition of a 49.99% stake in CNP Cyprus Insurance, the parent company of a group of insurance companies in Cyprus and Greece, from Bank of Cyprus, a Cypriot financial services company, for $106m. “We are very pleased to conclude this transaction with Bank of Cyprus. The outcome will further strengthen the capacity of our subsidiary, a leader in Cyprus, to expand its business with the full support of our teams in Paris. We are very motivated to contribute prominently to the development of insurance market in Cyprus,” Xavier Larnaudie-Eiffel, CNP Assurances Deputy CEO and CNP Cyprus Insurance Chairman.