Calamos-Exin: Ethniki bid hard to match

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.

The pair are up against three Chinese groups looking to buy at least 75 percent of National Bank’s insurance unit as part of a regulator-approved restructuring plan by Greece’s second-largest lender by assets to exit non-banking operations.

John Koudounis, CEO of Chicago-based Calamos Investments, reckons a Greek-American background is a major advantage in taking on Chinese groups Fosun, Shanghai-based Gongbao and Wintime to buy Ethniki Insurance.

[Reuters]