A billionaire’s insurance start-up and Chinese insurers are among four investors who have submitted binding bids to acquire a majority stake in the insurance unit of Greek lender National Bank, according to a Reuters report.
National Bank, Greece’s second-largest lender by assets, is selling its National Insurance subsidiary as part of an agreement with regulators to get out of non-banking operations, Reuters reported.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“Four binding offers were submitted,” the bank said. “The aim is to sell at least a 75% stake in the unit.”
The bidders included American billionaire John Calamos’s start-up Exin Partners, Shanghai-based Gongbao, Wintime, and Chinese conglomerate Fosun.
National Insurance, founded in 1891, is the oldest insurer in Greece, according to Reuters.
