National Bank (NBG), one of Greece’s four largest lenders, has agreed to sell its insurance unit to private equity group CVC Capital, two banking sources close to the process said on Friday. “There is agreement to sell a 90% stake in National Insurance to CVC Capital,” one of the bankers told Reuters, declining to be named. “There will be announcements on the deal later on Friday.”
Private equity group CVC Capital, with $109 billion of assets under management, was the only bidder for NBG’s wholly-owned insurance unit and submitted a binding bid one year ago.
Private equity group CVC Capital, with $109 billion of assets under management, was the only bidder for NBG’s wholly-owned insurance unit and submitted a binding bid one year ago. The sources did not reveal the price of the transaction. The divestment is part of NBG’s EU-approved restructuring plan to shed non-core assets. The bank has sold assets in the Balkans, including operations in Bulgaria, Albania and Romania, and Turkey, downsizing to focus on its core domestic banking business.
Source: Reuters
Reporting by George Georgiopoulos; Editing by Susan Fenton
