Fosun pulls out of race for Ethniki Insurance

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.

NBG sources say that if the bid is not deemed satisfactory other solutions may be examined too, possibly including the listing of Ethniki on the Greek stock market.