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Greece's NBG gets four bids for insurance unit- source
April 4, 2017 / 6:41 AM / 8 months ago

Greece's NBG gets four bids for insurance unit- source

ATHENS, April 4 (Reuters) - Four investors submitted binding offers to acquire a majority stake in Greek lender National Bank’s (NBG) insurance unit National Insurance, a banking source close to the deal told Reuters on Tuesday.

NBG, Greece’s second largest lender by assets is looking to sell its National Insurance subsidiary as part of a restructuring plan it has agreed with regulators to exit from non-banking operations and focus on core banking.

“Four binding offers were submitted,” the banker said. “The aim is to sell at least a 75 percent stake in the unit.”

The bidders were Chinese conglomerate Fosun, Shanghai-based Gongbao and Wintime and John Calamos-Exin Partners, the banker said, without providing further details.

Goldman Sachs and Morgan Stanley are advising NBG on the sale. (Reporting by George Georgiopoulos)

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