The sale of the Greek largest insurer remained under the question mark

21 February 2018 — Vlad BOLDIJAR
The sale of the Greek largest insurer to the American-Dutch consortium CALAMOS-EXIN remained under the question mark after CALAMOS Family Partners had filed a legal action against EXIN Financial Services Holdings, wrote

According to local media, CALAMOS is seeking immediate repayment of more than USD 41 million owed to them by EXIN under a series of loan agreements.

In June 2017, the National Bank of Greece's board approved the sale of 75% stake in ETHNIKI Insurance to American-Dutch consortium CALAMOS-EXIN after bidding about EUR 750 million. Other bidders were the Chinese conglomerate FOSUN, Shanghai-based GONGBAO and WINTIME.

The Insurance Insider wrote "EXIN CEO Matt FAIRFIELD has vowed his firm will continue to pursue its planned EUR 718 million buy-in to Greek insurer ETHNIKI", despite the lawsuit from its former partner which has left the future funding uncertain.

"This means that the sale of Greece's biggest insurance will come down to the last day of the period set by the deal, before NBG seeks a new bidder", wrote Ekathimerini.

Meanwhile, local media say EXIN is looking for new partners interested in investing in ETHINIKI, but the agreed nine-month deadline for the transaction expires at the end of March. "As the deadline approaches, the second preferred bidder for the Greek insurer, China's FOSSUN, is also monitoring developments closely", wrote

On the other hand, RONGFENG Holding Group - Chinese property company - "said in a statement on 11 February that it is looking to buy ETHNIKI", wrote The Insurance Insider - "as part of a consortium with Shanghai GONGBAO" - one of the final round bidders in the sale process that came to an end in mid-2017.

ETHNIKI's sale is part of a larger restructuring plan agreed by Greece's second largest lender by assets with regulators, to exit from non-banking operations.

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