The Agricultural Bank of Greece, also known as ATEbank, has announced that its executive committee in-charge of the evaluation of the binding offers submitted by French insurer Groupama and German company Ergo following the already adopted procedure concerning the sale of 50.08% of its equity participation in ATE Insurance, has decided to qualify Groupama as the first preferred strategic investor in order to commence exclusive negotiations.

The negotiations between the two parties are expected to commence immediately, and by no way or means, the result of the competition can be considered as prejudged. ATEbank’s board of directors is yet to make its final decision regarding the result of the competition.