Calamos Investments

Greece's National Bank (NBG) said on Thursday that a potential deal to sell a 75 percent stake of its wholly-owned insurance subsidiary to EXIN Financial Services Holding had expired a day earlier.

Greece's second-largest bank said March 28 was the "longstop date" for Netherlands-based EXIN to meet conditions in a purchase agreement signed in June 2017.

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.

An offer for National Bank's insurance business by Calamos and Exin will be hard to match, partly because of the cultural and commercial links they have with Greece, the investment duo's chief executives said.