BUSINESS

NBG to continue Ethniki Insurance tender process

TAGS: Banking

Greece’s second largest lender by assets, National Bank (NBG), said on Friday it would continue the process for the sale of its wholly owned insurance subsidiary Ethniki Insurance.

The bank said that its board “decided to continue with the tender process with the runners-up in the last phase.”

National Bank has put the insurance subsidiary up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations.

Four investors had initially submitted binding offers to acquire a majority stake in Ethniki.

A deal between two of them to acquire 75 percent of the unit turned sour.

The other two bidders were Chinese conglomerate Fosun and Shanghai-based Gongbao.

[Reuters]

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