National Bank of Greece shareholders on Friday approved the sale of a majority stake of its insurance subsidiary to Anglo-Dutch consortium Calamos-EXIN.
EXIN is buying 75 percent of the division for 718.3 million euros.
The sale is part of National Bank’s strategy to focus on core banking activities under a restructuring plan approved by the European Commission.
“We managed to maximize the sale price and preserve the successful relationship between the bank and the insurance unit,” chief executive Leonidas Fragiadakis told shareholders at the annual assembly. “It’s a deal that is beneficial to all stakeholders.”