(12.Juli) Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the National Bank of Greece S.A. (‘NBG’) on its sale of a 75 per cent stake in Ethniki Hellenic General Insurance S.A. (‘Ethniki Insurance’) to EXIN Financial Services Holding B.V. (‘EXIN’) for a total consideration of €718m.
NBG will retain a 25 per cent stake in Ethniki Insurance and NBG and EXIN will enter into a shareholders’ agreement at closing to govern their respective shareholdings in Ethniki Insurance. The transaction involves the establishment of an exclusive bancassurance agreement, or a partnership between an insurance provider and a bank, which will govern the distribution of Ethniki Insurance products via the NBG network after closing.