ING Group and Piraeus Bank move ahead to strengthen their strategic alliance.
ING Group and Piraeus Bank have mutually decided on a direct equity participation of Piraeus in the share capital of ING Groep N.V., the insurance-banking group’s parent entity; such participation will be in a percentage equal to the value of the 20% stakes held until today by Piraeus in the two ING Greek insurance companies, i.e. ING Greek Life Insurance S.A. and ING Greek General Insurance S.A., which have been transferred back to ING Group.
Piraeus Bank’s Chairman, Michalis Sallas, signed today the relevant agreement while on a visit to Amsterdam.
The two sides also agreed to enhance their cooperation in bancassurance and asset management product sales, which is implemented through their joint venture companies in Greece, ING-Piraeus Bancassurance and ING-Piraeus Asset Management.
ING Groep N.V. is listed in the Amsterdam, London and New York Stock Exchanges and already participates in Piraeus Bank’s equity.