Greek Banks eager to sell insurance stakes
According to sources from the greek banking sector, the Greek banks are eager to sell their participations in the insurance sector, because they burden their capital ratios, as stipulated by Basel II standards. For this reason, many greek banks have sold or absorbed their insurance arms. NBG recently absorbed Ethniki Insurance, Alpha Bank sold Alpha Insurance and Emporiki Bank sold its subsidiary Phoenix Insurance.
Meantime, according to the same sources, ATEBank and other banks are also seeking ways and alternative plans to sell or merge their participation in the insurance sector.