National Bank of Greece

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NBG

Fosun pulls out of race for Ethniki Insurance

Chinese group Fosun has taken itself out of the running for a majority stake in Ethniki Insurance.

The sole bid submitted to owner National Bank of Greece late on Thursday came from another Chinese group, Gongbao, which offered more than 650 million euros for the 75 percent stake in Greece's biggest insurer, according to unconfirmed information.

Greek banks pass stress tests, would only lose 15.5 bln under adverse scenario

Greece's four biggest banks would lose around 15.5 billion euros worth of their capital by 2020, or 9 percentage points of capital, under an adverse economic scenario, results of a stress test published by the European Central Bank showed on Saturday.

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