Ethniki Insurance, a subsidiary of Piraeus Bank, has priced its inaugural €200 million subordinated bond issuance, marking the first such transaction by a Greek insurer. The dual-tranche offering comprises a €100 million Tier 2 bond with a 5.25% coupon and 10.25-year maturity, and a €100 million Restricted Tier 1 perpetual bond with a 6.875% coupon. The transaction attracted approximately 100 institutional investors and was more than 3.0 times oversubscribed, with order books peaking above €600 million. International investors received over 70% of allocations, primarily from France and the UK. Following the issuance and redemption of an outstanding €125 million Tier 2 instrument, Ethniki Insurance's Solvency II ratio stands at approximately 190% as of 30 June 2026. Settlement is scheduled for 9 September 2026, with listing on the Luxembourg Stock Exchange.

Piraeus Bank reported record first-half 2026 profits of €617 million, representing a 16% return on tangible book value. The Greek bank's second-quarter net profit reached €336 million, up 22% year-on-year. Loans grew to €39 billion, with €1.8 billion net credit expansion in the first half. Client deposits rose 9% year-on-year to €68.4 billion, whilst assets under management increased 24% to €16.3 billion. Net interest income reached €509 million in the second quarter, up 6% quarter-on-quarter. The bank upgraded its 2026 net interest income target to €2 billion based on strong volume growth. Piraeus maintained a 34% cost-to-income ratio whilst its NPE ratio improved to 2.2% from 2.6% a year earlier. The bank will pay €494 million to shareholders on 7 August from 2025 profits.