By Leonidas Stergiou
The European Commission Competition Directorate (DGCom) has completed discussions with National Insurance, having received all the necessary answers and information regarding the sale of 90% of the insurance company by the National Bank to the US capital CVC Partners. According to information confirmed by Athens and Brussels, at the end of February DGCom is expected to give the green light to proceed with the completion of the process.
However, sources in Brussels say that there may be an opinion at the end of the month and it may take a few more weeks to formally give the green light to complete the deal. In this case, the completion of the transaction can be reached by the end of spring.
It is recalled that the delay in completing the sale came after a complaint from an insurance company and a private hospital on competition issues, which forced DGCom to investigate, although it had given the green light before the National Bank and CVC reached an agreement.
According to the complaint, CVC, with the acquisition of National Insurance, which holds a large share of the insurance market, has signed contracts with private hospitals, most of which are owned by US capital itself. According to sources in Brussels, most of the information had already been sent to the Commission well before the complaint in view of the approval of the deal between National Insurance and CVC. Nevertheless, the technocrats in Brussels are obliged to re-examine the arguments of the complaint. As the newspaper Kefalaio had revealed since the end of last November, the cycle of explanations would be completed at the end of December with the developments expected in February.
The main argument of the National Insurance and the CVC is that the American capital has no interest in operating preferentially with the insurance company because this jeopardizes the turnover and profitability of the private hospitals in which it also participates. Also, if there is price misconduct between National Insurance and CVC private hospitals, then the easiest way for the competition to find out is to terminate it and cancel agreements with the hospitals. That is, unprofitable for CVC and National Insurance. Moreover, CVC, through National Insurance, holds a smaller share of the insurance market than in the private health sector through the hospitals in which it participates. Therefore, it can not operate at the expense of its core business.
Voluntary retirement
Meanwhile, the program of voluntary departure of National Insurance staff is in progress, which ends on Friday, January 28. The goal of the program is the departure of 150 employees, over 30 years old, with at least 7 years of employment in the company. The program provides for up to 35 salaries and additional increases depending on age and for certain categories, such as employees in regional units, or employees of the National Bank. For employees aged 55 and over, an amount in addition to the basic compensation is given, a percentage of 20% of the gross monthly salary for 36 months. The maximum can not exceed 150,000 euros.
The basic allowance presented in the table provides for the following surcharges:
– 7,000 euros for each protected child.
– 30% of those who are employed in the Regional Service Units of the Company and the daily work of the employees, are mainly managerial and can be undertaken by the headquarters, or are part of the Organizational Structure of the Central Service Units of the Company, but are employed in the Regional ( the day-to-day operations of the staff are mainly managerial, and can be undertaken by the headquarters) or are employed under a loan agreement with the EIB.
– 20% of the basic allowance, in the case of employees serving for a period equal to or greater than 26 years and who have not been assigned duties of a position of responsibility or a corresponding level of responsibility.
– 15% for ages over 60, 20% for ages 55-59 and 30% for 50-54.
Also, insurance coverage is provided for health benefits, with a group contract, until the establishment of the right to receive an old-age pension and with a maximum duration of 5 years.
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Source From: Capital
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