Solid interest in NBG insurance unit
National Bank is expected to finalize a deal relating to plans to find a strategic partner for its insurance unit by the end of the year, after a large number of companies showed initial interest in the partnership, according to sources. Earlier this week, National Bank, the country’s largest lender, said it will launch procedures to find an international strategic partner for its insurance unit in a bid to tap opportunities in the sector in Greece and the Balkans. The bank, which has operations in 12 countries, wants to focus on developing bancassurance products, in Greece, Southeastern Europe and Turkey. Sources said yesterday more than 10 companies are interested in teaming up with National, including US firms American International Group (AIG) and MetLife. Other insurance firms believed to be interested are France’s AXA, Germany’s Allianz, Italy’s Generali and UK’s Prudential. National Bank recently completed a three-year restructuring plan of its insurance unit in a move that improved its market share and performance. Shares in National Bank, which has a market capitalization of around 15 billion euros, fell 0.66 percent to 30.30 euros yesterday. The Athens bourse’s benchmark general index slipped 0.67 percent.
