NBG to collect 718 mln from Ethniki sale while keeping brand name

The National Bank of Greece general meeting scheduled for Friday is expected to approve the transfer of 75 percent of NBG's insurance arm, Ethniki, to Dutch-based Exin Financial Services Holding BV. The deal will not include ownership of the Ethniki brand name, which will only be rented to the investor.

Exin confirmed on Thursday it will pay 718.2 million euros for three-quarters of the insurer that is assessed at 958 million. Market estimates suggest that the price is high.

The text of the agreement, which Kathimerini has seen, was approved earlier in the week by the bank's governing board and will be presented at today's annual shareholders meeting. Approval will constitute the first substantial step in the long sale process that began last November and will also require the stamp of the monitoring authorities.

The NBG group is utilizing a clause in its...