Tight timetable for Ethniki Insurance concession

National Bank of Greece is launching a new process for the concession of its insurance arm, Ethniki, aiming to have it sold by the end of the year.

The tight timetable, as agreed at a meeting of the bank’s strategic planning department with sale consultants, provides for the data rooms to open next month, with binding offers being submitted in October and the sale completed by end-December.

National has valued Ethniki Insurance, Greece’s biggest insurer, at 900 million euros and  has made a committment to sell at least 75 percent of it.