National Bank of Greece (NBG), the country’s oldest lender, this week announced that it has petitioned the country’s Hellenic Competition Commission (HCC) in order to protect its rights, as it said, in case Ethniki Asfalistiki, its one-time insurance subsidiary, is sold by CVC to another local lender, Piraeus Bank.

The transaction is already under the scrutiny of the independent watchdog commission, as in similar corporate buyout or mergers.

One source quoted by ot.gr said National Bank is attempting to protect its insurance-related client list, which number more than one million individuals and business entities in the country.

National Bank is reportedly citing unfair competition in case the CVC-Piraeus deal proceeds, as the latter stands to gain the former’s client list.

Piraeus Bank’s stated goal is to complete the buyout by the end of this year.