Credit Agricole Enters Talks With Alpha to Sell Emporiki
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Credit Agricole SA, France’s third-largest bank, entered exclusive talks to sell Emporiki Bank to Alpha Bank SA for a token price of 1 euro ($1.29) as it tries to limit the potential costs of a Greek exit from the euro.
Credit Agricole will inject a further 550 million euros into its Greek unit, bringing the total the French bank has contributed since July to 2.85 billion euros, the French lender said in a statement today. It will also buy 150 million euros of convertible bonds issued by Alpha Bank, the company added.