France's CNP Assurances SA is acquiring the 49.9% stake held by Bank of Cyprus Holdings PLC in CNP Cyprus Insurance Holdings for €97.5 million, giving CNP Assurances full ownership.

The French insurer holds a 50.1% stake in CNP Cyprus, which contributed €157 million to CNP Assurances' premium income and €7.3 million to the group's net profit in 2018. The French insurer is funding the proposed acquisition using its own resources.

The deal is subject to regulatory approval and is expected to close in the second half.