ATHENS, June 29 (Reuters) - Dutch insurance group EXIN agreed to buy a 75 percent stake in Greek National Bank’s (NBG) insurance subsidiary for 718 million euros ($820.17 million), it said on Thursday.
NBG is selling the unit as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking.
EXIN said the agreed price implies an enterprise value of 958 million euros for the unit.
“NBG will retain a 25 percent stake in Ethniki Insurance, which remains NBG’s exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance products.” EXIN said. (Reporting by George Georgiopoulos)