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Freshfields advises National Bank of Greece on €718m sale of a 75 per cent stake in Ethniki Insurance

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. 
 
This is the fourth sale on which Freshfields has advised NBG in the last 12 months, having already advised it on the disposals of Finansbank A.Ş., United Bulgarian Bank A.D. and South African Bank of Athens. 
 
The multi-jurisdictional Freshfields team is being led by corporate partner Sebastian Lawson. Advice on bancassurance arrangements is being provided by corporate partner George Swan, and antitrust and competition advice is being provided by partner Andreas von Bonin.
 
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About Freshfields Bruckhaus Deringer LLP
 
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.
 

The Freshfields team was led by: