Bids for Ethniki insurer set for Q1

National Bank of Greece aims to have the binding bids for the sale of its subsidiary Ethniki Insurance within the first quarter of 2017. According to the group’s commitment in its restructuring plan, the sale must take place in the first half of next year, but bank sources say the process will begin in January.

However, Kathimerini understands that the market is already being scanned for investor interest, with the number of interested candidates in the international insurance and investment sectors said to exceed 10. They are reported to include German insurer Allianz, Chinese financial group Fosun, the Apollo investment fund, as well as Canadian group Fairfax, which is the main shareholder at Eurolife ERB following the latter’s sale by the Eurobank group.

The valuation of Ethniki Insurance has been completed and is estimated at between 800 million euros and 1 billion euros, according to data from the first quarter of this year, but that does not constitute a starting price for the bidding process.

Ethniki is particularly attractive for investors as it accounts for 18 percent of the Greek market and premiums of over 440 million euros.

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National Bank has to complete the sale of its subsidiary Ethiniki Insurance in the first half of 2017.