GR US

NBG Discusses Sale of Insurance Arm; No Announcements

Ευρωκίνηση

Photo by Eurokinissi/Giannis Panagopoulos.

ATHENS (ANA) - A meeting of National Bank of Greece’s (NBG) board to discuss the sale of the lender’s insurance arm concluded on Friday, but no official announcements have been made, according to sources.

After the decision, the bank will continue with exclusive negotiations with the preferred buyer in order to sign the agreement for the sale of National Insurance within a few days.

The signing of the deal will end a process that started at the beginning of May, continued with the bidding phase at the start of April and has now left two prevailing candidates. The candidates were asked by NBG to submit improved offers and the final bid has been substantially increased.

NGB will sell a minimum share of 75 percent of National Insurance while the book value that National Bank has recorded in its books is around 650 million euros.