Greece's National Bank gets four bids for insurance unit -source

(Adds background)

ATHENS, April 4 (Reuters) - Four investors submitted binding

bids to acquire a majority stake in Greek lender National Bank's

(NBG) insurance unit, a banking source close to the

deal told Reuters on Tuesday.

Greece's second largest lender by assets is looking to sell

its National Insurance subsidiary as part of a restructuring

plan it has agreed with regulators to exit from non-banking


"Four binding offers were submitted," the banker said

without providing further details. "The aim is to sell at least

a 75 percent stake in the unit."

The bidders were Chinese conglomerate Fosun,

Shanghai-based Gongbao and Wintime and John Calamos' insurance

start-up Exin Partners, the banker said.

Goldman Sachs and Morgan Stanley are advising NBG on the


Founded in 1891, National Insurance is the oldest insurer in

Greece and is fully owned by NBG. It provides life and non-life

insurance products.

NBG, with units in Serbia, Macedonia, Albania, Romania and

Cyprus, plans more foreign asset sales as part of its


Last year it sold United Bulgarian Bank to Belgium's KBC

Group in a 610 million euro ($650 million) deal.

In March, NBG sold its entire 99.8 percent stake in its

South Africa Bank of Athens (SABA) subsidiary to AFGRI Holdings.

In 2015, NBG clinched a deal to sell Turkish unit Finansbank

to Qatar National Bank for 2.75 billion euros as part

of moves to plug a capital shortfall identified by European

Central Bank stress tests.

NBG has also sold stakes held directly or indirectly in 11

funds to Deutsche Bank Private Equity and Goldman Sachs Asset

Management for 288 million euros.

($1 = 0.9386 euros)

(Reporting by George Georgiopoulos; editing by Jason Neely)