GREECE: 4 bidders for a new attempt to sell ETHNIKI

24 October 2019 — Cosmin CONCEATU
A new round of bids to sell Ethniki was initiated, this time with the deadline set to the end of Q1 2020, for 80% stake in the national company, valued at EUR 658 million, Insurance Daily reports.

According to the mentioned news portal, the 4 potential bidders are Chinese Fosun, the American Apollo Global Management, CVC and Fairfax (through local Eurolife ERB). The National Bank should provide by the end of October 2019 the necessary documents in order to start the bidding procedures. writes that a short extension of the sale process, until September 2020, was already discussed and considered by the National Bank. The current macroeconomic environment, like Brexit, the European economic slowdown or Greek economy credit risk, makes the Ethniki deal more difficult.

Sources: Insurance Daily, Underwriter

We've covered the story of ETHNIKI sale since 2016. Below you can find our materials on this subject:

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