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
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)