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Greek National Bank's board clears sale of insurance unit to Calamos-EXIN
June 27, 2017 / 2:12 PM / 5 months ago

Greek National Bank's board clears sale of insurance unit to Calamos-EXIN

ATHENS, June 27 (Reuters) - The board of Greece’s National Bank (NBG) approved the sale of a majority stake in the group’s wholly-owned insurance subsidiary to American-Dutch consortium Calamos-EXIN, a banker close to the deal told Reuters on Tuesday.

“The board gave its green light to the sale,” the banker said.

NBG is selling the unit 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, were bidding for at least 75 percent of National Insurance. (Reporting by George Georgiopoulos)

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