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 EU718m.
 
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.S., 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.