ATHENS – The Greek-American consortium Calamos-Exin Group has been picked as the winning bidder for the sale of Ethniki Insurance, a National Bank of Greek subsidiary as the process nears an end.
Didn’t identify it was a done deal apart from some minor details such as the question of selling bancassurance products via the NBG network.
A meeting on June 2 looked at three bids, also including the giant Chinese Fosun and Gongbao groups but the Greek-American consortium was said to have offered the best bid of between 700-750 million euros ($787.25-$843.49 million) for a 75 percent stake in the insurance arm, the country’s biggest insurer with an 18 percent market share.
The bid also includes repayment of a 50-million-euro ($56.23 million) perpetual bond that NBG had issued for its insurance arm, the paper said, adding that the contract will also bankassurance deal for 10 years, with an option for a five-year extension.
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