Bids for Emporiki to be submitted on Wednesday
2012-08-06 17:50:41
Greece’s three largest lenders, National, Alpha and Eurobank, will submit bids for Emporiki Bank, a Credit Agricole subsidiary, on Wednesday, sources said.
The bids will be evaluated first by the European Commission as regards the viability and prospects of the proposed schemes, since the three suitors will be recapitalized with Greek bailout funding.
The bids will then be sent to Credit Agricole, whose choice will have to be approved by the European Financial Stability Facility.
Emporiki Bank’s recapitalization requirements, totaling €2.47 billion, will have to covered by Credit Agricole before the completion of the merger, in which the French group is said to be planning to retain a stake.