BUSINESS

Exin rushes into getting partners to buy Ethniki

EVGENIA TZORTZI

TAGS: Business, Banking

Exin Financial Group has been given 10 days to submit to the Bank of Greece all the information required for the acquisition of Ethniki Insurance, while also having to answer the crucial question of the buyer’s composition.

The deadlines are tight, as all negotiations will have to be completed within that time window with Exin Group’s main new partner, Pimco, concerning participation in the Ethniki investment.

Sources say that talks have reached an advanced stage and Pimco is carrying out due diligence on the Greek insurer, as the aim is for a direct investment in Ethniki.

At the same time, negotiations are also being conducted with other investment funds – including Berkshire Hathaway of investor Warren Buffett – which, according to the same sources, have been chosen to participate.

Exin’s options are not limited to those two funds, with sources from the group saying that efforts to expand the investing group are close to fruition.

Based on developments, the composition of the stakeholders, which remains to be determined, is the main reason for the delay in the completion of the concession of the National Bank of Greece subsidiary. As the deadline approaches, the second preferred bidder for the Greek insurer, China’s Fossun, is also monitoring developments closely.

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