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National Bank of Greece to reopen sale of insurance unit

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National Bank of Greece to reopen sale of insurance unit

National Bank of Greece SA will soon begin discussions with potential investors for the sale of wholly owned insurance unit Ethniki Hellenic General Insurance SA, Reuters reported May 17, citing CEO Paul Mylonas.

The bank reportedly expects to complete the sale of the unit by 2020 as part of its strategy to shift focus on core banking operations, Mylonas said at a news conference May 17.

The Greek lender had previously tried to sell the subsidiary to Chinese investment company Gongbao Group but ended talks in October 2018 after evaluating various aspects of the offer.

A winning bid by Calamos Investments LLC and Netherlands-based EXIN Financial Services Holding BV for the bank's insurance business fell through in March 2018 when a deadline to fulfill certain conditions lapsed, following a legal dispute between the two firms.