NBG likely to sell its insurance unit this year

National Bank of Greece expects to sell its subsidiary Ethniki Insurance this year and plans other sales as part of its restructuring, its chief executive said on Wednesday.

Last month Greece's second largest lender hired Goldman Sachs and Morgan Stanley as advisers on the sale of the insurance unit, banking sources close to the deal said.

"It has been public that from a business point of view we would have liked to keep the insurance company," NBG's chief executive Leonidas Fragkiadakis told Reuters.

"However, it's part of our restructuring and we will be focused on performing on our commitments. There is a process going on and we are at its early stages," he said.

When asked when a deal could be reached, he said he expected a sale within the year, declining to elaborate further.

NBG has agreed to sell its Bulgarian unit, United Bulgarian Bank, to...