National clears sale of Ethniki to Calamos-Exin

The board of Greece's National Bank (NBG) approved the sale of a majority stake in the group's wholly owned insurance subsidiary Ethniki to American-Dutch consortium Calamos-Exin, a banker close to the deal told Reuters on Tuesday.

NBG is selling the unit as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking.

"The board gave its green light to the sale," the banker said.

He did not disclose details of the agreed sale price or other terms. Details are expected to be announced at the bank's annual meeting on Friday.

US-based Calamos Investments, which has $20 billion under management, and Exin Partners, a Netherlands-based investor focused on insurance, reinsurance and asset management, were bidding for at least 75 percent of Ethniki Insurance.

Calamos-Exin was competing against three...