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

Media Release


• National Bank of Greece and Allianz SE have signed a Memorandum of Understanding  setting out the intention for National Bank of Greece to acquire a 30% minority equity stake in Allianz European Reliance.
• The Memorandum of Understanding also sets out the intention to enter into a long-term exclusive bancassurance agreement between National Bank of Greece and Allianz European Reliance.
• The envisaged partnership is intended to broaden customer access to life, health and non‑life insurance solutions through National Bank of Greece’s banking channels

Athens, May 7, 2026: 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. 

Partnership structure
The MoU reflects a shared intention by NBG and Allianz SE at a shareholder level, and by NBG and Allianz Greece at operating level, to develop bancassurance as a long-term growth model designed to go beyond a standard distribution arrangement.

What this means for customers
The envisaged partnership is intended to support customers to protect what matters, plan ahead and prepare for long‑term financial security, by making insurance and savings solutions simpler and more accessible through an integrated banking and insurance experience.

Aligned long‑term development
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.



Quotes
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.” 















Media Contacts

National Bank of Greece
Yannis Kotofolos, Tel:. +30 210 3341 814, Email: [email protected]

Allianz European Reliance
Evangelos Titopoulos, Tel: +30 216 200 1352, Email: [email protected]