Our firm acted as Greek legal counsel to National Bank of Greece (NBG) in relation to the divestment of 90.01% of NBG’s shares in Ethniki Insurance to CVC Capital Partners, following the completion of an international bidding process, including the new 15-year bancassurance agreement to be concluded between NBG and Ethniki Insurance. The completion of this complex transaction is subject to approval by the relevant antitrust and regulatory authorities.
Ethniki Insurance is the oldest and leading composite insurance company in Greece, offering a comprehensive portfolio of life and non-life insurance products. The divestment of NBG’s participation in Ethniki Insurance and its subsidiaries forms integral part of NBG’s commitments under the restructuring plan agreed with the DG Competition following the receipt of state aid by NBG in 2012.
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