Insider Business Hidden value behind new move by CNP Assurances

Hidden value behind new move by CNP Assurances

CNP Assurances’ deal with the Bank of Cyprus is seen as linked to its interest in the hidden value of CNP Cyprus Insurance Holdings Limited.

The agreement to acquire Bank of Cyprus’ entire shareholding of 49.9% in CNP Cyprus Insurance Holdings Limited at the price of €97.5 million was announced yesterday.

BoC had ‘inherited’ these shares as part of the acquisition of certain operations of now defunct Laiki Bank back in 2013.

Afterall, the statement by CNP Assurances CEO Antoine Lissowski said it all: “By taking control of 100% of CNP Cyprus Insurance Holdings, we demonstrate our confidence in the future of this particular subsidiary which provides a full range of insurance products and services in a country that has returned to growth after the 2013 crisis.”

This statement could also be sending the message that the reason behind the French group’s decision to acquire 100% of the Cypriot company’s share capital is not to enable it to disinvest more easily but rather because it sees further prospects for operations on the Mediterranean island.

In addition, it stressed that with the acquisition of full control of the subsidiary the group will be allowed to strengthen its position in the Cypriot market, in which it currently controls a market share of 21% in life insurance and 13% in other insurance categories.

According to figures released by the French group, Cypriot operations contributed a revenue of €157 million in 2018 (up by 8.4%) and a profit of €7.3 million.

Lissowski also made clear in his statement that no change in the management of Cypriot companies should be expected. “This reflects the trust we have in the management team which has been successfully involved in the recovery and development of the subsidiary since our initial investment back in 2008,” he said.


Read more:


Top Stories

Access to Troodos controlled by Police

The Police announced that on the basis of the Health Ministry decrees aiming to contain the outbreak of the pandemic, tomorrow Sunday, access to...

129 new cases, four deaths announced on Saturday

The Health Ministry announced the death of four persons due to COVID-19. This raises the death toll from the virus in Cyprus to 183,...

Crowding at Troodos; lots of fines by police

Lots of traffic was today seen at Troodos. In order to maintain order but also to monitor that people respected the measures aiming to...

Where to get antigen rapid tests on Sunday 24 January

The Health Ministry announced the following antigen rapid test sites for Sunday, 24 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Glafkos Clerides Park, Germasoyia 08:30-16:30 Municipal...

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...