National considers alternative solutions for Ethniki after Exin fallout


The deal between National Bank of Greece and Exin Financial Services Holdings BV for the latter’s acquisition of Ethniki Insurance appears to be hanging in the balance.

The investment vehicle formed by Exin Financial Services Holdings and Calamos Family Partners has ceased to exist.

Calamos said on Wednesday it has launched legal action against Exin seeking over $41 million owed from a series of loan agreements.

Interest now shifts to National’s reaction, with sources from the bank noting that it will examine alternative solutions.

On Thursday the NBG group will issue a stock filing on Ethniki, but without saying anything about imminent decisions on the fate of the deal.