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Sale of Greek NBG's National Insurance unit to be completed next week - sources
June 2, 2017 / 4:02 PM / 6 months ago

Sale of Greek NBG's National Insurance unit to be completed next week - sources

ATHENS, June 2 (Reuters) - Greece’s National Bank (NBG) , the country’s second-largest lender, is expected to pick a buyer for a majority stake in its wholly owned insurance unit National Insurance by the end of next week, sources close to the process said on Friday.

NBG is selling at least 75 percent of the subsidiary as part of a restructuring plan approved by the European Union which will leave it to focus on banking.

The sale was initially expected to be completed this week.

“The bank’s board convened on Friday, the sale procedure is progressing well but there are some remaining issues that need to be sorted out,” one of the sources said.

The bidders for National Insurance include U.S.-Dutch consortium Calamos-EXIN and Chinese groups Fosun <0656.HK., Shanghai-based Gongbao and Wintime. (Reporting by George Georgiopoulos; Editing by Greg Mahlich)

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