National Bank of Greece announced on Thursday the termination of a contract for the sale of 75 pct of the Ethniki General Insurance S.A. (“Ethniki”) to EXIN Financial Services Holding B.V. and said it will now examine “alternative options”.
According to the announcement, “On 29 June 2017, National Bank of Greece S.A. announced the divestiture of a 75 pct stake in Ethniki General Insurance S.A. (“Ethniki”) to EXIN Financial Services Holding B.V. subject, amongst others, to certain conditions and approval from the relevant Competition Authorities and the Bank of Greece.
“On 28 March 2018, which was the last date (Longstop Date) for EXIN to fulfil certain condition precedents specified in the Share and Purchase Agreement entered into between NBG and EXIN, NBG took note that such condition precedents were not fulfilled and henceforth decided to terminate the SPA and will examine alternative options,” the announcement concluded.
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