National Bank of Greece and Allianz SE sign a Memorandum of Understanding on minority stake in Allianz Greece and exclusive bancassurance

National Bank of Greece (NBG) and Allianz SE today announced that they have signed a Memorandum of Understanding (MoU) setting out the intention for NBG to acquire a 30% minority equity stake in Allianz European Reliance (Allianz Greece), subject to the signing of definitive agreements and receipt of customary regulatory approvals.

The MoU also sets out the intention to enter into a long-term exclusive bancassurance agreement between NBG and Allianz Greece for an initial term of 10 years, with an automatic five year extension subject to agreed conditions.

Under the envisaged bancassurance arrangement, Allianz Greece would provide a comprehensive portfolio of life, health and non-life insurance solutions, including protection as well as savings- and investment-linked products, distributed through NBG’s physical and digital channels. Allianz Greece would contribute its insurance expertise, including product development and underwriting, while working in partnership with NBG on customer interactions.

The intended minority equity participation in Allianz Greece is designed to reinforce long-term alignment and support sustained investment in product innovation, digital capabilities and service quality over time.

Pavlos Mylonas, Chief Executive Officer of National Bank of Greece, said:
“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 SE, said:
“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.”

National Bank of Greece S.A. has a long history and a significant contribution to the development of Greece. It has the trust of customers, shareholders, depositors and employees alike, inter alia as a result of the expertise and experience of its officers and the cutting-edge digital services it offers. 

Additionally, the Bank has invested early in upgrading its technology and now plays a leading role in Digital Banking within the Greek banking market, consistently investing in enhancing the service experience for its 3.3 million digitally active customers and continuously enriching its range of products and services through digital channels.

At Allianz, we are by your side every step of your life. We operate in the field of private insurance and asset management, offering top insurance products that cover a wide range of insurance needs, such as life and health insurance, home and property insurance, accident insurance, pension plans, savings and investment programs. Allianz is the leading insurance brand worldwide, according to Interbrand’s “Best Global Brands 2025” ranking. We are proud to be the Worldwide Insurance Partner of the Olympic and Paralympic Games, supporting the world’s greatest sporting events and promoting the spirit of excellence and collaboration.

At Allianz, we continuously invest in new technologies and Artificial Intelligence, leveraging their potential for the benefit of our customers, employees, and partners. With the largest network of partners in Greece, we ensure that your needs are met promptly and efficiently, wherever you are. We create personalized solutions, tailored to the unique needs and aspirations of each individual, and we are especially pleased to be rated by our customers as a Loyalty Leader company. For us, the uniqueness of each person, their personal desires, and dreams are always at the center. Our goal is to be your No. 1 choice, offering security, confidence, and support at every moment of your life.