The National Bank of Greece (NBG) putted its insurance unit sale on hold after "the Coronavirus pandemic dashed any lingering hopes of a successful auction", wrote bloomberg quoting people familiar with the matter.

According to the mentioned source, ETHNIKI Asfalisitiki attracted bids from suitors including the investment funds CVC Capital Partners, while Chinese group Fosun and private equity firm Varde Partners "dropped out of the process".

NBG could restart the sale process once the situation stabilizes, the most recent news available showing it has received bids lower than expected - below its target of around EUR 600 million.

Ethniki Asfalisitiki is the largest insurance company in Greece. According to the 3Q2019 results, GWP by company amounted to EUR 578.4 million, up y-o-y by 24.3%, while the profit before tax increased by 18.2%, to EUR 59.2 million. Ethniki's sale is already a five years old saga, with several failed attempts.

NBG is trying to sell ETHNIKI Asfalisitiki for years to shore up its capital buffers.
XPRIMM covered the story of ETHNIKI sale since 2016. Below you can find our materials on this subject:

• 13 December 2016 - GREECE: Bids for NBG's Ethniki Insurance set for Q1
• 9 January 2017 - GREECE's NBG likely to sell its insurance unit this year
• 17 January 2017 - GREEK turnaround adds sheen to NBG's insurance asset sale
• 5 April 2017 - ETHNIKI Insurance sale: four investors are bidding for the majority stake
• 10 April 2017 - GREECE's National Bank gets four bids for insurance unit
• 3 May 2017 - GREECE: Calamos-Exin predicts National Insurance bid hard to match
• 18 May 2017 - Wilbur Ross backs American-Dutch bid for Ethniki Insurance
• 18 May 2017 - U.S. commerce secretary backs Calamos-EXIN bid for GREEK insurer
• 8 June 2017 - GREECE: Greek American EXIN Partners Acquire Emblematic Greek Insurer Ethniki Asfalistiki
• 15 June 2017 - GREECE: Calamos-Exin to land Ethniki Insurance
• 29 June 2017 - ETHNIKI Insurance close to becoming an American-Dutch owned company
• 12 October 2017 - GREECE: Ethniki Insurance deal is proceeding
• 18 January 2018 - GREECE: Ethniki Insurance deal to be funded by giants?
• 7 February 2018 - GREECE: Acquisition of Ethniki Insurance poised to collapse
• 7 February 2018 - GREECE: Exin seeks extension of Ethniki funding deadline
• 13 February 2018 - GREECE: NBG gives Exin until late March for Ethniki Insurance
• 21 February 2018 - The sale of the Greek largest insurer remained under the question mark
• 26 February 2018 - GREECE: Exin appeals for more time to finalise Ethniki offer
• 22 March 2018 - GREECE: Ethniki equity listing possible if Exin deal flops
• 28 March 2018 - Greece: China's FOSUN to bid again for ETHNIKI if winning bid fails
• 3 April 2018 - GREECE's NBG looking at all options on insurance arm sale, CFO says
• 3 April 2018 - Ethniki bid process re-opened after Exin falls short
• 3 April 2018 - Fairfield: We are still in the race for Ethniki
• 3 April 2018 - GREECE's NBG says deal to sell insurance arm to EXIN terminated
• 26 April 2018 - Chinese groups renew interest in Greek insurance sale
• 2 May 2018 - Ethniki bidder receives boost from Greek Union as Chinese firms circle
• 3 May 2018 - NBG to continue the ETHNIKI sale process with the runners-up in the last phase
• 17 May 2018 - GREECE: CEO of Ethniki owner National Bank of Greece steps down
• 24 October 2018 - REUTERS wrote, quoting NBG representatives, that "no further negotiations with GONGBAO would be pursued"
• 1 November 2018 - Ethniki sale saga continues: NBG to ask EU for more time to complete the sale
• 9 January 2019 - Greece: new bid for the Ethniki acquisition
• 18 January 2019 - National Bank of Greece to extend deadline to sell Insurance subsidiary
• 24 October 2019 - GREECE: 4 bidders for a new attempt to sell ETHNIKI
• 11 December 2019 - Ethniki Asfalisitiki: a new chapter in the Greek's insurance market flagship sale