BUSINESS

Four suitors for Ethniki Insurance

Four investors submitted binding bids to acquire a majority stake in Greek lender National Bank’s (NBG) insurance unit, a banking source close to the deal told Reuters on Tuesday.

Greece’s second largest lender by assets is looking to sell its Ethniki Insurance subsidiary as part of a restructuring plan it has agreed with regulators to exit from non-banking operations.

“Four binding offers were submitted,” the banker said without providing further details.

“The aim is to sell at least a 75 percent stake in the unit.”

The bidders were Chinese conglomerate Fosun, Shanghai-based Gongbao and Wintime, and John Calamos’ insurance start-up Exin Partners, the banker said.

[Reuters]

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