Lawsuit throws EXIN’s Greek insurance acquisition in doubt: Reuters
US investor Calamos Family Partners (CFP) filed a lawsuit in the US against Dutch EXIN Financial Services Holdings for defaulting on loans, according to an emailed statement, putting in doubt the planned acquisition of National Bank of Greece’s insurance unit, according to a Feb. 7 Reuters report.
Calamos Investments and EXIN Partners, a Netherlands-based investor focused on insurance, reinsurance and asset management, had agreed in 2017 to acquire 75 percent of the National Bank of Greece’s insurance unit - National Insurance - for €718 million.
The agreement was signed in June and the investment was supposed to be concluded by the end of March, according to Reuters. National Bank of Greece had put its insurance subsidiary up for sale as part of a restructuring plan approved by the European Union to exit non-banking operations and focus on core banking.
In an emailed statement, Calamos Family Partners (CFP) said it was seeking immediate repayment of more than $41 million in principal, plus interest, owed to them by EXIN under a series of loan agreements. The full amount was payable on Dec. 31, 2017, and was now in default.
It said EXIN has repeatedly failed to provide requested financial statements and other financial, accounting and regulatory information and records as required by the applicable loan agreements. In addition, the lawsuit seeks a full accounting of when and how EXIN used the borrowed funds.
There was no specific reference in the email to the Greek deal.
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