Ethniki Insurance deal to be funded by giants?
Exin Financial Group has pledged that by end-January it will have submitted the details of the funding needed to acquire Ethniki Insurance. So far the group is said to have informed the monitoring authorities and National Bank of Greece that Pimco and Berkshire Hathaway will participate in the deal’s financing.
Bank of Greece sources said they are still waiting for the definitive funding plan so the transfer process can proceed, while reports say Pimco has denied its participation.
If confirmed, the participation of Allianz subsidiary Pimco and Berkshire Hathaway (owned by investor Warren Buffett) in the sale of the country’s biggest insurance company is expected to raise the profile of both the company itself and the local insurance sector. Kathimerini asked Exin for confirmation but up until yesterday had received no response. Sources say the new funding vehicle may also include the European Bank for Reconstruction and Development, though EBRD sources declined to comment.
Exin has not revealed the amount of capital the new funding contributors will bring in, but Kathimerini understands the upcoming changes will also alter the holdings of John Koudounis and John Calamos.
