NBG Board announces its intention to seek an international insurance partner to accelerate the development of Ethniki Insurance and its bancassurance businesses in Greece and internationally.
Over the past 3 years, the Ethniki management team has successfully completed a comprehensive reorganisation of the Company while growing substantially market share and underlying profitability. Management have identified significant growth opportunities domestically and internationally as well as potential for further operational improvements.
In order to fully capture the potential that exists for the further development of Ethniki and its bancassurance business, NBG has decided to explore the possibility of a strategic partnership with an international insurer in order to facilitate the execution of the Group's ambitious plan in insurance, and especially bancassurance, business. For this purpose NBG will initiate an international selection process in order to identify the appropriate strategic alliance partner. The desired partner should contribute the complementary product know-how and technical expertise necessary to best serve Ethniki's extensive client base and ensure the successful further development of the business, both in its core agency and broker distributed business in Greece as well as in the bancassurance operations in Greece, SE Europe and Turkey, in close partnership with NBG.
Goldman Sachs International is advising NBG in its search for a strategic partner.