Ethniki

Investors John Calamos and John Koudounis are accusing the head of the Exin group, Matthew Fairfield, of trying to eject them from the group and from efforts to acquire Ethniki Insurance, according to a new lawsuit the pair have filed at a Dutch court.

While the clock is ticking toward the deadline by which Exin has to submit a complete lineup for the consortium to acquire Ethniki Insurance, there is strong interest from elsewhere regarding the sale of Greece's biggest insurer.

Seven months after Exin won the tender for the acquisition of Ethniki Insurance, the group is yet to submit the full lineup of stakeholders in the consortium that will finance the acquisition to the Bank of Greece.

Exin Financial Group has been given 10 days to submit to the Bank of Greece all the information required for the acquisition of Ethniki Insurance, while also having to answer the crucial question of the buyer's composition.

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.

By Evgenia Tzortzi

The successful share capital increase of Eurobank and the forthcoming one of National are changing the lenders’ plans for the sale of EFG Eurolife and Ethniki Insurance respectively.