Greek bank explores options for insurance unit
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Ioannis Kyriakopoulos, chief financial officer of National Bank of Greece S.A., said that the bank is exploring all options on the sale of a majority stake in its wholly-owned insurance unit after a deal to sell the subsidiary expired on March 28, Reuters reported. Netherlands-based Exin Financial Services Holding B.V. and U.S.-based investment manager Calamos Family Partners Inc. had agreed to acquire 75% of The Ethniki, Hellenic General Insurance Co. S.A. for €718 million ($887 million). However, the deal turned sour after a legal row erupted between the two buyers in February.
