National Bank of Greece receives Chinese bid for insurance arm

Piraeus Port Authority SA

08/06/2018 19:39

ATHENS, June 8 (Reuters) - National Bank of Greece (NBG)
 NBGr.AT  has received one binding offer from Chinese group
Gongbao for a majority stake in its insurance subsidiary, the
lender said on Friday.
    Greece's second-largest lender by assets had put its
National Insurance business up for sale as part of an
EU-approved restructuring plan to focus on core banking
operations.
    A deal to sell the insurance business to U.S. and Dutch
investors fell through in March.
    U.S. fund manager Calamos Investments and EXIN Partners had
agreed to acquire 75 percent of NBG's insurance arm for 718
million euros ($845 million), but the deal turned sour after a
legal row between the two buyers.
    "The main objective of National Bank is for the sale
procedure to be in full compliance with the terms of the EU
restructuring plan," NBG said in a statement.
    The bank did not provide further details on the price
offered by Shanghai-based investment company Gongbao.
    Given the significant role of National Insurance in the
country's financial system, NBG said it would look at all
"optimal solutions", including an international tender to divest
the business.
    China has been investing in Greece in recent years. Its
biggest shipping company, COSCO Shipping, bought a majority
stake in Piraeus Port Authority  OLPr.AT  under a plan to turn
Greece into a transhipment hub for rapidly growing trade between
Asia and Europe.
($1 = 0.8497 euros)

 (Reporting by George Georgiopoulos
Editing by David Goodman)
 ((george.georgiopoulos@thomsonreuters.com; +30210 337 6437;
Reuters Messaging:
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