April 27, 2018 / 7:48 AM / 5 months ago

Greece's NBG says to continue process for sale of insurance unit

ATHENS, April 27 (Reuters) - Greece’s second largest lender by assets National Bank (NBG) said on Friday it would continue the process for the sale of its wholly-owned insurance subsidiary National insurance.

The bank said that its board “decided to continue with the tender process with the runner-ups in the last phase.”

National Bank has put the insurance subsidiary up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations.

Four investors had initially submitted binding offers to acquire a majority stake in National Insurance. A deal between two of them to acquire 75 percent of the unit turned sour. The other two bidders were Chinese conglomerate Fosun and Shanghai-based Gongbao. (Reporting by Lefteris Papadimas)

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