Exin and Fosun favourites in Ethniki bidding process

Fosun, the Chinese financial institution, and Exin, the start-up fronted by Matt Fairfield, are the favourites to acquire the Greek state carrier Ethniki. The final bids for the Greek National Bank-owned insurer were due this week. It is understood that both Exin and Fosun made bids over EUR800mn. Some industry insiders have speculated that the Greek national bank might keep hold of 20% of the insurer. Those involved in the process have hinted that they would like the process to be completed sooner rather than later due to oncoming headwinds in the Greek market with Greece due to pay its international creditors in July. The preference for a swift conclusion could prompt Ethniki to run a parallel process for the sale and purchase agreements required to close the deal, seeing the two parties compete against each other rather than entering exclusivity.