ATHENS, April 4 (Reuters) - Four investors submitted binding offers to acquire a majority stake in Greek lender National Bank’s (NBG) insurance unit National Insurance, a banking source close to the deal told Reuters on Tuesday.
NBG, Greece’s second largest lender by assets is looking to sell its National Insurance subsidiary as part of a restructuring plan it has agreed with regulators to exit from non-banking operations and focus on core banking.
“Four binding offers were submitted,” the banker said. “The aim is to sell at least a 75 percent stake in the unit.”
The bidders were Chinese conglomerate Fosun, Shanghai-based Gongbao and Wintime and John Calamos-Exin Partners, the banker said, without providing further details.
Goldman Sachs and Morgan Stanley are advising NBG on the sale. (Reporting by George Georgiopoulos)