Credit Agricole considers offers for troubled subsidiary Emporiki

Credit Agricole is getting closer to exiting the Greek market as the French lender confirmed it is assessing takeover offers from several Greek banks for its subsidiary Emporiki.

National Bank, Alpha Bank and Eurobank said they had submitted offers for Emporiki, which lost €1.62bn in 2011.

The deal should be considered in the context of the Greek banking sector consolidation process, Crédit Agricole said.

The French group has a €4.6bn exposure to Greece, and the bank has already cost €6bn since its acquisition in 2006.

All offers are subject to regulatory approvals. According to press reports, Crédit Agricole could consider the bids at a board meeting around the end of August.

Emporiki was founded in 1907 and has total assets of about €21.7bn.

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