Credit Agricole in talks with Alpha Bank for Emporiki
2012-10-01 15:15:11
France’s Credit Agricole announced on Sunday it was in talks with Greece’s Alpha Bank for the sale of its entire holding in Emporiki Bank, its Greek subsidiary.
“Credit Agricole and Alpha Bank aim to complete the transfer of shares by December 31, 2012, on condition of the required approval by the pertinent authorities,” it said in a statement.
Alpha Bank was one of three suitors that bid for Emporiki, the other two being National Bank of Greece and Eurobank.
According to requirements set down by the Bank of Greece, Credit Agricole has already paid up €2.3 billion for the recapitalization of Emporiki, will inject a further €500.5 million and will buy €150 million of Alpha Bank convertible bonds.