PRIVATIZATION

NBG awaits 260 mln euros from Ethniki stake sale

nbg-awaits-260-mln-euros-from-ethniki-stake-sale

National Bank of Greece will immediately collect 260 million euros from the sale of 90.01% of its insurance arm, Ethniki, to CVC Capital Partners, according to the transaction agreement the NBG shareholders will be asked to approve at the extraordinary general meeting scheduled for April 21.

Another share of the price, amounting to €125 million but pending on various adjustments will be paid five years after the completion of the transaction, plus a further €120 million that will paid to NBG by 2026 if specific targets are met in the sale of bancassurance products through the branch network of Ethniki.

The nominal value of 100% of the insurer is set at €505 million.