HFSF to issue opinion on CVC proposal for Ethniki

The board of the Hellenic Financial Stability Fund (HFSF) is expected to convene next week to issue its opinion on the sale of Ethniki, the insurance arm of National Bank of Greece, and whether the price offered is within the range provided by the insurer’s valuation by Barclays.

Sources say that CVC Capital Partners is offering some 410 million euros for a 90% stake in Ethniki, which raises the valuation of the entire company to about €460 million.

Bank bailout fund HFSF has been asked to offer its view on the CVC proposal given that it is a major stakeholder in National Bank with a 41% holding.