NBG to continue the ETHNIKI sale process with the runners-up in the last phase

Following the failure to sell its insurance arm, NBG - National Bank of Greece announced it would continue the process for the sale of ETHNIKI Insurance with the final bidders, wrote local media.

According to ekathimerini.com, the NBG representatives announced that the board "decided to continue with the tender process with the runners-up in the last phase."

ETHNIKI's sale is part of a larger restructuring plan agreed by Greece's second largest lender by assets with regulators, to exit from non-banking operations.

ETHNIKI Insurance is Greece's largest insurance company, with presence also in Romania, Bulgaria and Cyprus.

In June 2017, the National Bank of Greece's board approved the sale of 75% stake in ETHNIKI Insurance to American-Dutch consortium CALAMOS-EXIN after bidding about EUR 718 million.

Other bidders were the Chinese conglomerate FOSUN and Shanghai-based GONGBAO.

NBG declared the tender barren after the sale of the ETHNIKI to CALAMOS-EXIN failed because until end-March 2018 the amount of EUR 718 million purchase has not been paid.

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