Greece's Alpha Bank in talks with Credit Agricole

PanARMENIAN.Net - Greece's Alpha Bank says it is in talks with France's Credit Agricole to buy its Greek unit Emporiki Bank, The Associated Press reports.

Alpha said Monday it was in talks to purchase the entire share capital of Emporkiki and that the transaction is expected to be completed by Dec 31.

Credit Agricole, France's third largest bank, is seeking to sell its Greek unit as concern continues over Greece's financial crisis, which has battered the country's banks and raised questions about its continued membership of the eurozone.

Credit Agricole has already made a €2.3 billion capital injection into Emporiki, and would add another €550 million before the transaction was complete to bring the total to €2.85 billion. Emporiki's nominal sale price would be €1, the French bank said.