Exin says UK fund may back Ethniki buyout

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.

The January 31 deadline that Exin itself had set for the submission of the final lineup to the regulatory authority passed without a result, according to sources. Instead of a final and complete proposal, Exin sent an email naming a British fund it is negotiating with as a potential investor. The British fund, which manages 1 billion euros in capital, is considering participating in Ethniki’s buyout with 300 million euros.

Exin claims it has tabled a full set of documents with the additional data it was asked for and that the deadline for the process is March 31. However, the same sources mentioned above say that a full set of information has yet to be tabled. In fact, the Exin email last week did not even have the central bank’s competent monitoring department of private insurance companies as a formal recipient.

The same sources further confirmed that Exin has never submitted an integrated proposal presenting its stakeholder lineup.