February 7, 2018 / 7:53 AM / a year ago

Calamos sues Exin citing loan default, casting doubt on Greek insurance deal

ATHENS, Feb 7 (Reuters) - U.S. investor Calamos Family Partners said on Wednesday it sued Dutch EXIN Financial Services Holdings for defaulting on loans, casting doubts on whether a deal between the two companies to buy Greek National Bank’s insurance unit can go ahead.

In an e-mailed statement, Calamos Family Partners (CFP) said it was seeking immediate repayment of more than $41 million in principal, plus interest, owed to them by EXIN under a series of loan agreements.

National Bank (NBG) had put its insurance subsidiary up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking.

U.S.-based Calamos Investments, which has $20 billion under management, and EXIN Partners, a Netherlands-based investor focused on insurance, reinsurance and asset management, had agreed to acquire 75 percent of the unit - National Insurance - for 718 million euros ($889.53 million). (Reporting by George Georgiopoulos)

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