According to the bank website, "A junior subordinated mandatory convertible debt investment of up to EUR10 million to HD Insurance Limited ("Hellas Direct" or the "Company"), a general insurer incorporated in Cyprus and operating in Greece and Cyprus.
This transaction supports a fast-growing, tech-driven insurance company operating in Greece, where the insurance penetration ratio is one of the lowest in Europe, to scale up the Company's operations and allow it to continue offering innovative insurance products and digitalising the insurance value chain. The Bank's investment will provide the Company with adequate solvency headroom to reach the necessary scale in line with its business plan. Therefore, the funds will be used as regulatory capital, as well as for working capital and general corporate purposes."
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