Alpha Bank takes over Emporiki Bank

Crédit Agricole S.A. has announced that it has completed the sale of its entire share capital of Emporiki to Alpha Bank, pursuant to a takeover agreement of 16 October 2012.

The French bank entered into exclusive negotiations with Alpha Bank regarding a possible sale of Emporiki in the second half of 2012.

Following the sale Crédit Agricole will not provide the Greek bank with any further funding.

The sale will have a slight but positive effect upon the French financial institution’s results for the fourth quarter of 2012, which are due to be published later this month.

In addition, the move will assist in reaching the solvency ratio targets of Crédit Agricole Group.

Chief Executive Officer Jean-Paul Chifflet described the sale of Emporiki to Alpha Bank as a positive step for both Crédit Agricole and the Greek financial sector.