Crédit Agricole S.A. Finalizes Sale of Emporiki to Alpha Bank
Crédit Agricole S.A. has announced the completion of the sale of its Greek subsidiary, Emporiki. The transaction is expected to have a slightly positive impact on the bank's fourth-quarter 2012 financial results.
Crédit Agricole S.A. announced on February 1, 2013, that it has finalized the sale of its entire share capital in Emporiki, its Greek subsidiary, to Alpha Bank. This follows a series of operations carried out since September 2012, including the acquisition by Crédit Agricole CIB of a shipping portfolio valued at USD 1.4 billion.
As a result of the sale, Emporiki will no longer receive financing from Crédit Agricole S.A. The French banking group stated that the completion of this divestment will have a marginally positive effect on Crédit Agricole S.A.'s consolidated results for the fourth quarter of 2012, which are scheduled for release on February 20, 2013.
The divestment aligns with Crédit Agricole S.A.'s strategic objectives to reinforce its financial structure and refocus its activities. The bank confirmed that this sale will contribute to achieving the group's solvency targets. CEO Jean-Paul Chifflet commented that the sale to Alpha Bank represents a favorable outcome for Crédit Agricole and also for the restructuring Greek financial sector, providing Emporiki with an opportunity to continue its operations within the new Greek banking landscape.