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National Bank of Greece confirms offer from Chinese group for insurance unit

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National Bank of Greece confirms offer from Chinese group for insurance unit

National Bank of Greece SA received a binding offer from Shanghai-based investment group Gongbao for a majority stake in its wholly owned insurance unit Ethniki Hellenic General Insurance Co. SA, Reuters reported, citing a June 8 statement from the Greek lender.

Gongbao has offered more than €650 million for a 75% stake in Ethniki Insurance, ekathimerini.com reported the same day, citing unnamed sources. Fellow Chinese company Fosun Investment, meanwhile, has pulled out of the race, the report added.

National Bank of Greece resumed the sale process for its insurance subsidiary after a €718.3 million deal with a consortium of U.S. company Calamos Investments LLC and Netherlands-based EXIN Financial Services Holding BV fell through in March, following a legal dispute between the two companies.

The Greek lender said its primary objective was for the sale process to be "in full compliance with the terms of the European Union's restructuring plan" and that it will consider all "optimal solutions" for Ethniki Insurance given its significant role in Greece's financial system, including an international tender to divest the business, Reuters noted.