Crédit Agricole sells Emporiki to Alpha Bank for €1

Crédit Agricole has agreed to sell its Greek banking arm Emporiki to Alpha Bank AE for €1, following six-years of consecutive losses from the firm, severely hit by the sovereign-debt crisis.

The deal will imply a €2bn net loss on the bank’s third-quarter balance, which include a loss on asset sales, a transaction cost of more than €300m and new recapitalization of Emporiki.

As already announced, Crédit Agricole will inject additional €550m into Emporiki and it will maintain a €1.4 billion credit line to Emporiki that the Greek bank will pay back over the next two years.

The deal is explected to be completed by the end of the year.

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