Investment Screening Reform in Germany – A balance between freedom of investment and security interests
15 October 2026
Allianz SE and National Bank of Greece (NBG) have signed a Share Purchase Agreement under which NBG will acquire a 30% minority equity stake in Allianz European Reliance (Allianz Greece). In addition, NBG and Allianz Greece have signed a long-term exclusive Bancassurance Agreement covering the distribution of insurance solutions through NBG's banking channels.
Under the bancassurance arrangement, Allianz Greece will 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 will contribute its insurance expertise, including product development and underwriting, while working in partnership with NBG on customer interactions.
Completion of the share purchase transaction remains subject to customary closing conditions, including regulatory approvals. The bancassurance partnership is expected to commence in early 2027.
Hengeler Mueller advises Allianz SE comprehensively as international legal counsel on the transaction.
Hengeler Mueller team for Allianz SE
Insurance/M&A: Carl-Philipp Eberlein (lead, Düsseldorf), Gerrit Tönningsen (Frankfurt, both partner), Justus Brühl (associate, Düsseldorf),
Corporate/M&A: Ingo Berner (partner, lead), Tobias Begemann (counsel), Moritz Kläsener (associate, all Berlin),
IP/IT: Matthias Rothkopf (partner, Düsseldorf), Róża Grzybowska (senior associate, Berlin),
Antitrust: Thorsten Mäger (partner, Düsseldorf),
Tax: Gunther Wagner (partner, Munich), Karl Hummel (associate, Frankfurt).
