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Greek NBG seeks strategic partner for insurance arm

Wed Sep 10, 2008 8:28am EDT

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ATHENS, Sept 10 (Reuters) - Greece's largest lender, National Bank (NBGr.AT), is looking for a foreign strategic partner for its insurance arm Ethniki ETHr.AT to expand bancassurance services further in the Balkans, it said on Wednesday.

National Bank said in a stock market filing it is being advised by Goldman Sachs on the plan.

NBG is also present in Turkey, Bulgaria, Serbia, Romania, Albania and Egypt. It said the mooted partnership would bring knowhow and help develop its insurance unit in the region.

In late 2006, peer Alpha Bank (ACBr.AT) sold its insurance arm to French insurer AXA (AXAF.PA) for 255 million euros. (Reporting by George Georgiopoulos; Editing by Quentin Bryar)



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