Invitations issued to at least two main suitors for insurer Ethniki

Suitors for the 80 percent stake in Ethniki Insurance have until the end of January to submit their binding bids.

Sources say invitations for this second stage of the tender for Greece's biggest insurer have gone out to the two main candidates - the CVC Capital Partners investment fund and Chinese group Fosun. A communication channel is being kept open with special purpose vehicle I3CP, but investment funds Centerbridge Partners and Lone Star appear not to have received an invitation.

The signals to CVC Capital Partners and Fosun point to a strong rivalry between these two candidates. The Chinese group, which is participating in a tender for Ethniki for a third time, has a significant presence in the insurance sector: Managing 87.5 billion euros of funds around the world and premiums of 2 billion euros, Fosun boasts holdings in five insurance firms, including an 85...