BUSINESS

Exin asks for new deadline on Ethniki

EVGENIA TZORTZI

TAGS: Banking, Business

Preferred bidder Exin has asked for another deadline extension, until February 21, in order to consolidate the stakeholder lineup that will finance the acquisition of 75 percent of Ethniki Insurance.

Exin had pledged to submit the details of the lineup by Wednesday, but, according to the Bank of Greece, it did not do so as the candidate investors failed to submit a definitive set of details. Instead, it sent an email informing the central bank that it is continuing negotiations with potential investors, including the European Bank for Reconstruction and Development (EBRD), whose participation has not been confirmed yet.

Sources say that neither Pimco nor Warren Buffett’s Berkshire Hathaway are among those potential investors, although Exin itself had cited them in its previous update to both the central bank and Ethniki owner National Bank of Greece.

According to the provisional agreement signed with NBG, the ultimate deadline is the end of March, when the nine-month period within which the seller has the right to cancel the deal expires. Despite the delay, NBG sources believe the agreement will be completed within the timetable.
 

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