PARIS Oct 1 Credit Agricole confirmed on Monday that it was in exclusive talks to sell the whole of its Greek Emporiki unit to Alpha Bank as the French bank seeks to pull out of the debt-stricken country.
Under Alpha Bank's firm offer, Credit Agricole's 2.3 billion-euro ($2.96 billion) recapitalisation of Emporiki would be increased to 2.85 billion, and Credit Agricole would subscribe to 150 million euros in convertible bonds to be issued by Alpha Bank.
"Credit Agricole deems that this transaction would assist it in reaching the solvency targets of the Credit Agricole group at 2013 year-end, as previously announced," the bank said in a statement.
The deal, which includes a disposal price of just 1 euro, is expected to be completed by the end of the year, Credit Agricole added. ($1 = 0.7773 euros) (Reporting by James Regan; Editing by Blaise Robinson)