Greece’s National Bank ends discussions with Gongbao over insurance sale

Greece’s National Bank said on Wednesday it had ended discussions with Shanghai-based Gongbao Group on the potential sale of its insurance division.

The Bank said no further negotiations with Gongbao would be pursued.

Greece’s second-largest lender by assets had put its National Insurance business up for sale as part of an EU-approved restructuring plan to focus on core banking operations.

Previous discussions to sell the insurance business to US and Dutch investors fell through in March. Gongbao had submitted an offer for a majority stake in National Insurance in June.

“NBG remains committed to exploring alternative options of compliance with its commitments under the restructuring plan as agreed with the DG Competition (Commission) and will inform investors accordingly in due course,” the bank said in a statement. [Reuters]