NBG gives Exin until late March for Ethniki Insurance


The management of National Bank of Greece is considering waiting out the nine-month period of the provisional agreement with Exin Financial Services Holdings BV for the sale of Ethniki Insurance to see whether the deal falls through.

This stems from NBG’s bourse statement on Thursday, in which the bank said it had become aware of the legal action by Calamos Family Partners against Exin.

NBG’s decision to see the nine-month period through, despite the rift within the winning bidder that puts the composition of the consortium and the financing of the transaction at grave risk, is seen as a tactical maneuver in the bank’s effort to disengage itself from the agreement without any legal implications that would lead to further delays beyond March 28, the end date.

Despite the legal action by John Calamos and John Koudounis, Exin insisted in a statement that it remains “fully committed to the rapid completion of the Ethniki Insurance transaction” within the deadlines. This means that the sale of Greece’s biggest insurance will come down to the last day of the period set by the deal, before NBG seeks a new bidder.