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Greece's NBG agrees to sell insurance subsidiary to CVC Capital - sources

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ATHENS (Reuters) - National Bank (NBG), one of Greece's four largest lenders, has agreed to sell a majority stake in its insurance unit to private equity group CVC Capital, banking sources close to the procedure said on Friday.

"There is agreement to sell a 90% stake in National Insurance to CVC Capital," one of the bankers told Reuters, declining to be named. "There will be announcements on the deal later on Friday."

Private equity group CVC Capital, with $109 billion of assets under management, was the only bidder for NBG's wholly-owned insurance unit and submitted a binding bid one year ago.

(Reporting by George Georgiopoulos)