A.S. Papadimitriou & Partners has acted as local counsel to EXIN Financial Services Holding B.V. on its EUR 718 million acquisition of a 75% stake in insurer Ethniki Hellenic General Insurance S.A. from the National Bank of Greece. Bernitsas Law and Freshfields advised the NBG on the transaction, which remains subject to customary approvals.
According to A.S. Papadimitriou & Partners, "NBG will retain a 25% stake in Ethniki Insurance, which remains its exclusive bancassurance provider under a new 10-year partnership agreement for life, savings and non-life insurance product."
Also, according to A.S. Papadimitriou & Partners, "EXIN and NBG share a common ambition to develop Ethniki Insurance with a substantial upgrade of core systems and processes to better serve customers, especially our broker and agent partners, as well as policyholders. EXIN will contribute distribution, technical, underwriting and digital expertise to the partnership including EXIN's ‘Intelligent Data’, a proprietary application and algorithm-based predictive behavior technology."
The Bernitsas Law team included Partners Nikos Papachristopoulos and Lambros Belessis and Associates Evi Kitsou and Sofia Kontou.
The Freshfields team was led by Partner Sebastian Lawson.