A billionaire’s insurance start-up and Chinese insurers are among four investors who have submitted binding bids to acquire a majority stake in the insurance unit of Greek lender National Bank, according to a Reuters
National Bank, Greece’s second-largest lender by assets, is selling its National Insurance subsidiary as part of an agreement with regulators to get out of non-banking operations, the newswire reported.
“Four binding offers were submitted,” the bank said. “The aim is to sell at least a 75% stake in the unit.”
The bidders included American billionaire John Calamos’s start-up Exin Partners, Shanghai-based Gongbao, Wintime, and Chinese insurance conglomerate Fosun.
National Insurance, founded in 1891, is the oldest insurer in Greece, according to Reuters
Insurance giant to sell businesses in three countries – report
Phoenix raises targets after double acquisition