Insurance Business Billionaire’s start-up bids against Chinese insurers for European bank’s insurance unit

Billionaire’s start-up bids against Chinese insurers for European bank’s insurance unit A billionaire’s insurance start-up and Chinese insurers are among four investors who have submitted binding bids to acquire a majority stake in the insurance unit of Greek lender National Bank, according to a Reuters report.

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National Bank, Greece’s second-largest lender by assets, is selling its National Insurance subsidiary as part of an agreement with regulators to get out of non-banking operations, the newswire reported.

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“Four binding offers were submitted,” the bank said. “The aim is to sell at least a 75% stake in the unit.”

The bidders included American billionaire John Calamos’s start-up Exin Partners, Shanghai-based Gongbao, Wintime, and Chinese insurance conglomerate Fosun.

National Insurance, founded in 1891, is the oldest insurer in Greece, according to Reuters.

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