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Provider: Reuters Investment Profile
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Alpha Bank SA Enters Into Exclusive Negotiations With Credit Agricole Over Sale Of Emporiki Bank SA

Tuesday, 2 Oct 2012 05:24am EDT 

Alpha Bank SA announced that it has entered into exclusive negotiations with Credit Agricole SA to acquire the entire share capital of Emporiki Bank. The transaction is expected to be completed by December 31, 2012 and is subject to applicable regulatory approvals and procedures as to work councils and employment representative bodies of Credit Agricole SA. Upon completion of the transaction, Alpha Bank will purchase Emporiki Bank recapitalised by EUR 2.85 billion. Prior to completion, Credit Agricole SA will inject a further EUR 0.50 billion of capital in addition to the EUR 2.30 billion capital injection completed in July 2012. Credit Agricole SA will also subscribe into a EUR 150 million convertible bond to be issued by Alpha Bank, which, at the discretion of Credit Agricole SA, will convert into Alpha Bank common shares, subject to certain terms and conditions. Alpha Bank will acquire Emporiki Bank's entire share capital for a nominal consideration in accordance with the terms and conditions set by the Hellenic Financial Stability Fund. Alpha Bank will proceed with the integration of Emporiki Bank and complete the restructuring of Emporiki undertaken by Credit Agricole SA since its acquisition in 2006. 

Company Quote

-0.0032 -1.42%
23 Jul 2014