NBG shareholders approved the sale of Ethniki

22 April 2021 — Andrei Victor
Th National Bank of Greece, the shareholder of Ethniki Asfalistiki - the largest and the oldest insurer in the country - announced that on Extraordinary General Meeting of its Shareholders held on April 21st 2021 remotely in real-time via teleconference it was approved the sale of 90.01% in the company to CVC.

"In respect of the sole item of the Agenda, the General Meeting convened with a quorum of 68.62% of total common voting shares and adopted the following resolution:

Approved the transaction concerning the divestment of a 90.01% stake in the "Ethniki Hellenic General Insurance S.A." business through the sale of 100% of the shares of "Ethniki Hellenic General Insurance S.A." owned by the Bank to a newly incorporated subsidiary of CVC, Ethniki Holdings S.ar.l. ("Purchaser") and the Banks purchase of 9.99% of the shares in the Purchaser, in each case in accordance with the key terms, the Transaction Documents and the relevant approval of the Board of Directors, as presented to the General Meeting".

At the end of March, the private equity and investment advisory firm CVC Capital Partners' Fund VII announced on its website it has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from National Bank of Greece (NBG), in a deal that values the Greek insurer at about EUR 505 million.

CVC Capital Partners' Fund VII mentioned "the closing is subject to standard conditions precedent, the approval by the antitrust and regulatory authorities and the approval of an Extraordinary General Meeting of NBG shareholders".

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:

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