Sale of Eth­niki In­sur­ance due

Kathimerini English - - Focus - EVGENIA TZORTZI

The sub­mis­sion of bind­ing of­fers for the ac­qui­si­tion of Na­tional Bank’s in­sur­ance arm ap­pears to be just a mat­ter of days, if not hours, fol­low­ing the re­jec­tion by the Euro­pean Com­mis­sion’s Direc­torate-Gen­eral for Com­pe­ti­tion of Greece’s re­quest to sus­pend the sale.

Sources spoke yes­ter­day about the tabling of bind­ing bids by four can­di­date buy­ers to­day. In any case, this will be done by March 10 for the trans­ac­tion to be com­pleted by the end of the month, ac­cord­ing to sched­ule.

The man­age­ment of Na­tional Bank has com­pleted the pre­sen­ta­tion of Eth­niki In­sur­ance to the four suit­ors, from an orig­i­nal short list of five in­vestors. They are three Chi­nese groups (Fo­sun, Gong­bao and Win­time), plus a joint bid by Greek-Amer­i­can fund Kalamos, in co­op­er­a­tion with the In­ter­con­ti­nen­tal fund, the Exin group and Greek in­sur­ance firm Kanel­lopou­los-Adaman­tiadis. The fifth can­di­date, US fund Apollo, did not turn up for the pre­sen­ta­tion.

The course of the sale will be de­ter­mined by the price the four can­di­date buy­ers are pre­pared to of­fer. Eth­niki’s val­u­a­tion puts the price of 100 per­cent of its shares at be­tween 800 mil­lion and 1 bil­lion eu­ros, with­out this be­ing the start­ing price in the ten­der.

The sale has al­ready been de­layed as the re­struc­tur­ing plan of Na­tional Bank pro­vided for its com­ple­tion within 2016.

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