Gongbao

A meeting of the governing board of National Bank of Greece ended late on Thursday without a decision on the sale of its insurance arm, Ethniki, leaving all options open.

The lender's board has yet to make up its mind on the bid submitted for Greece's leading insurer by Chinese company Gongbao, which has offered 676 million euros for the 75 percent stake that is to be sold.

The board of National Bank of Greece is on Thursday expected to decide whether it will accept Chinese company Gongbao's offer for the acquisition of Ethniki Insurance.

Gongbao was the only bidder in the final stage of binding financial offers for the buyout of 75 percent of Greece's leading insurer, with a bid of 676 million euros.

Chinese group Fosun has taken itself out of the running for a majority stake in Ethniki Insurance.

The sole bid submitted to owner National Bank of Greece late on Thursday came from another Chinese group, Gongbao, which offered more than 650 million euros for the 75 percent stake in Greece's biggest insurer, according to unconfirmed information.

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.

The Greek-American consortium Calamos-Exin Group has been selected as the preferred bidder for the sale of Ethniki Insurance, a National Bank of Greek subsidiary, in the context of the tender that according to sources is nearing its conclusion.

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.

Four investors submitted binding bids to acquire a majority stake in Greek lender National Bank's (NBG) insurance unit, a banking source close to the deal told Reuters on Tuesday.

Greece's second largest lender by assets is looking to sell its Ethniki Insurance subsidiary as part of a restructuring plan it has agreed with regulators to exit from non-banking operations.

Four investors submitted binding bids to acquire a majority stake in Greek lender National Bank's (NBG) insurance unit, a banking source close to the deal told Reuters on Tuesday.

Greece's second largest lender by assets is looking to sell its National Insurance subsidiary as part of a restructuring plan it has agreed with regulators to exit from non-banking operations.