CrediaBank makes strategic checkmate in bancassurance, absorbing Europe Holdings – BΝ confirmed

CrediaBank has made a major strategic move by agreeing to absorb Europe Insurance, fully confirming reports by bankingnews.gr (BN) that the lender was preparing its next steps. The agreement centers on the distribution of Europe Insurance products through the CrediaBank network. The decision was finalized on May 21, 2026, by the boards of directors of both companies, with the process officially launched following the signing of binding agreements and the formal notification of the Hellenic Capital Market Commission.

The merger framework

The proposed merger will be carried out through the absorption of Europe Holdings by Athens Exchange-listed CrediaBank, in compliance with the current institutional and regulatory framework (Laws 4601/2019, 4548/2018, and relevant capital market provisions). The date for the accounting transformation balance sheet has been set for June 30, 2026, which will serve as the benchmark date for the valuation of both corporate entities.

The share exchange ratio

As part of the transaction, the proposed exchange ratio is set as follows: 1.446 new common shares of CrediaBank for every 1 share of Europe Holdings. This structure accounts for the issuance of 3,425,688 new shares by Europe Holdings, which will result from an executive incentive program and will be included in the final merger process.

Anticipated capital return

Prior to the completion of the transaction, Europe Holdings intends to proceed with a share capital reduction of up to €45.5 million (€0.31 per share) aimed at returning capital to shareholders. This move will be funded by liquidating a portion of the company's real estate assets and is fully integrated into the broader structure of the deal.

Strategic objective of the agreement

The merger is part of a broader strategy to create a single, more robust corporate entity focused on:

• Leveraging complementary business operations.

• Boosting insurance business lines.

• Creating long-term value for shareholders. Europe Holdings, through its subsidiaries Europe Insurance and NAK Insurance Brokers, boasts a high solvency ratio of 366% alongside strong growth momentum—attributes deemed critical for its future integration into the CrediaBank group.

Executive statements

The CEO of CrediaBank, Eleni Vrettou, stated that the agreement aligns with the bank's strategy to build a more diversified and resilient business model, adding that the transaction strengthens fee-income generating activities and creates a comprehensive insurance platform. From the side of Europe Holdings, Chairman Nikolaos Makropoulos described the deal as a "significant milestone," emphasizing that partnering with CrediaBank will accelerate growth by blending insurance expertise with an extensive banking distribution network.

Next steps

The companies will continuously update the investing public on all subsequent developments, including:

• The draft merger agreement.

• The finalization of the share exchange ratio.

• The formal independent valuation reports.

• The decisions made during the upcoming General Meetings. The completion of the agreement remains subject to receiving all necessary corporate, supervisory, and regulatory approvals.

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