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Piraeus Bank sells ATE insurance to Ergo

Piraeus Bank agreed to sell its ATE Insurance business to Ergo Insurance Group, a subsidiary of German reinsurer Munich Re, for 90.1 million euros.

The sale is part of Piraeus Bank's restructuring plan, which aims at divesting non-core assets to bolster the lender's capital position. Piraeus Bank is majority owned by Greece's bank bailout fund HFSF.

"Piraeus Bank has made a significant step forward in executing its strategy to gradually exit non-banking activities," the bank's deputy CEO Anthimos Thomopoulos said in a statement on Thursday.

Piraeus acquired ATE Insurance in July 2012 after buying the healthy part of ATEbank. ATE Insurance is the fifth-largest property casualty insurer in Greece with premium income of 170 million euros last year.