The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
170 jobs Number of planned job losses
Announcement Date
25 February 2009
Employment effect (start)
25 February 2009
Foreseen end date
31 December 2009
Description
Ethniki Insurance, subsidiary of the National Bank of Greece, is to cut 170 jobs in Greece.
According to a source, the company announced in early February 2009 the closure of all its 37 peripheral units all over Greece and the dismissal of the 170 employees in the following months. Staff working in the headquarters in Athens are not affected by the restructuring.
The announcement followed the National Bank of Greece's strategic decision to "delist" its largest subsidiary Ethniki Insurance and to orient its growth towards bancassurance which already generates substantial profits and to pursue an aggressive policy in Civil Liability for motor vehicles.
On 25 February 2009, MPs from SYRIZA party (Coalition of the Radical Left) tabled a question in Parliament, addressed to the Minister of Economy and Finance, asking for immediate action against NBG's decision.
Ethniki Insurance, established in the 19th century, offers its clients a wide range of integrated insurance solutions. Its sales network comprises of 48 administrative branch-offices, 1235 non-tied agencies, 135 life agencies and 2000 tied agencies.
Eurofound (2009), Ethniki Insurance, Closure in Greece, factsheet number 68352, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68352.
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