Deal to purchase majority stake of NBG's insurance subsidiary threatened with collapse

Thursday, 08 February 2018 09:42

By N. Malliara

A full-blown feud between between US-based Calamos Family Partners and Exin Financial Services, in the Netherlands, has now found its way into the legal arena, threatening to scupper a deal for the purchase of 75 percent of National Bank of Greece's (NBG) insurance subsidiary, Ethniki Asfalistiki.

A pending approval of the deal by the Bank of Greece (BoG) has been delayed for months, given that the would-be buyers have not completed necessary actions and documentation.

The US investment vehicle and the Dutch insurance, reinsurance and asset management company had agreed to purchase 75 percent of the NBG's subsidiary for 718 million USD last June, and with a deadline for the transaction being March 31, 2018.

In a statement on Wednesday, the Calamos Family Partners revealed that it has filed a lawsuit against Exin, demanding the immediate payment of 41 million USD it claims it is due, as part of a series of loan agreements.
Calamos claimed that the sum should have been deposited by Dec. 31, 2017, while also charging that Exin has repeatedly failed to submit necessary financial data "and other credit, accounting and regulatory information."

The lawsuit was filed in Illinois, with the plaintiffs being John P. Calamos John S. Koudounis.