Ethniki deal falls through, owner assesses options
The sale of National Bank of Greece’s (NBG’s) 75 percent holdings in subsidiary Ethniki General Insurance to EXIN Financial Services Holding fell through, driving NBG to seek alternative options for the insurance unit.
Calamos Investments and EXIN Partners had agreed in 2017 to acquire 75 percent of the National Bank of Greece’s insurance unit - National Insurance - for €718 million.
However, US investor Calamos Family Partners (CFP) has reportedly filed a lawsuit in the US in February, 2018, against Dutch EXIN Financial Services Holdings for defaulting on loans, suggesting a conflict between the two parties.
NBG said that the transaction was, amongst others, subject to “certain conditions and approval from the relevant competition authorities and the Bank of Greece.”
On March 28, 2018, which was the last date for EXIN to fulfill certain condition precedents specified in the share and purchase agreement (SPA) between NBG and EXIN, such condition precedents had not been fulfilled. NBG therefore decided to terminate the SPA and will examine alternative options.
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