ATHENS – The Greek-American consortium Calamos-Exin Group has entered into a long-term partnership with the National Bank of Greece after acquiring a 75 percent stake for Ethniki Hellenic General Insurance.
The deal was for 718 million euros, with an implied value of 958 million euros, subject to approval, officials said.
That came on June 29 after a meeting on June 2 looked at three bids, also including the giant Chinese Fosun and Gongbao groups but the Greek-American consortium offered the best bid for the insurance arm, the country’s biggest insurer with an 18 percent market share.
The bid also includes repayment of a 50-million-euro ($56.23 million) perpetual bond that NBG had issued for its insurance arm, media reports said earlier.
NBG will retain a 25% stake in Ethniki Insurance, which remains NBG’s exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance products.
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Source: thenationalherald.com
