Acquisition of Ethniki Insurance poised to collapse

The acquisition of National Bank's insurance business by Calamos and Exin seems poised to collapse after Calamos Family Partners (CFP) announced that it had filed legal action against EXIN Financial Services Holdings, the Dutch holding company of the EXIN Group.

The Calamos-EXIN consortium was selected as the preferred bidder for Ethniki Insurance, a National Bank of Greek subsidiary, following a tender last year.

However, the deal in doubt after it emerged that CFP and John Koudounis launched legal action against EXIN Financial Services Holdings, the Dutch holding company of the EXIN Group, seeking immediate repayment of more than 41 million dolloars owed to them by EXIN under a series of loan agreements,

According to a statement by CFP, the legal action also asserts that EXIN has repeatedly failed to provide requested financial statements and other...