Greece’s NBG says deal to sell insurance arm to EXIN terminated
Greece’s National Bank (NBG) said on Thursday that a potential deal to sell a 75 percent stake of its wholly-owned insurance subsidiary to EXIN Financial Services Holding had expired a day earlier.
Greece’s second-largest bank said March 28 was the “longstop date” for Netherlands-based EXIN to meet conditions in a purchase agreement signed in June 2017.
It said it was now looking at alternative options to divest its insurance unit.
Calamos Investments and EXIN Partners had agreed to acquire 75 percent of National Bank’s insurance arm for 718 million euros but the deal turned sour after a legal row erupted between the two buyers last month.
National Bank had put the insurance subsidiary up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations.