Credit Agricole has finalized a deal to sell its entire holding in Emporiki to Alpha Bank, it has emerged.
The major French financier announced today (17 October) that terms have been agreed on a contract that will see its Greek counterpart acquire Emporiki and it is hoped the deal will be completed by 31 December this year.
Under the terms of this arrangement, Alpha Bank is purchasing Credit Agricole's entire share capital in Emporiki for a fee of just €1 ($1.30), but prior to the takeover being completed, the French lender will increase its recapitalization of the asset to €2.85 billion.
As such, Credit Agricole's funding to the entities to be sold to Alpha Bank is worth a total of €2.1 billion.
In a statement, the bank said this deal forms part of its strategy to "strengthen its financial structure and continue refocusing on its core business in line with its strategic plan".
By Tony Aynsley