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Crédit Agricole negotiates sale of Greek bank unit

Mon, 2nd Jul 2012 11:39

Crédit Agricole is in talks to sell off its Athens-based Emporiki Bank, according to a filing made by the National Bank of Greece (NBG).

NBG admits that it has been talking with the French bank about the "possibilities of future strategic alliances" after media reports indicated that Crédit Agricole may be trying to unload its Greek unit as part of its efforts to exit the market. NBG said that talks remained in a preliminary stage.

This after Financial Times reported over the weekend that NBG and rivals Alpha Bank or EFG Eurobank Ergasias were all interested in taking over the unit.

Crédit Agricole currently leads advancers on the Cac 40 as it trades up 6.97% to €3.7130.

JM

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