Hints and tips:
...After a lengthy legal process related to Crédit Agricole’s investment in Emporiki, a lossmaking Greek bank it owned for six years before selling for €1 in 2012, a favourable final decision by the French...
...He holds an MBA from St Gallen University and joined Alpha in 2007 from Greece’s Emporiki bank after working for ABN AMRO’s financial institutions group in London....
...The deal completes the French bank’s exit from Greece, most of which was already achieved during the country’s 2012 debt crisis when it sold Emporiki, the bank it bought six years earlier for €2.2bn, for...
...The deal completes the French bank’s exit from Greece, which it largely achieved during the country’s 2012 debt crisis when it sold Emporiki for only €1, having bought the bank six years earlier for €2.2bn...
...The Greek bank Emporiki, which Crédit Agricole bought for €2.2bn in 2006, cost its parent €9bn in writedowns, capital injections and acquisition costs over six years....
...Crédit Agricole’s reported €17m of residual second-quarter profit – from €696m a year ago – is a grim reminder of another ill-fated foreign foray, when Crédit Agricole’s investment in Emporiki Bank in Greece...
...Greek bank Emporiki, which Crédit Agricole bought for €2.2bn in 2006, cost its parent €9bn in writedowns, capital injections and acquisition costs over six years....
...But then it has a more compelling narrative these days as it integrates Emporiki Bank....
...Since it sold Emporiki, the Greek bank, they have more than doubled to €7....
...Alpha paid a token €1 to acquire Emporiki Bank from Crédit Agricole. The French lender injected €550m of fresh capital and agreed to buy €150m of convertible bonds issued by Alpha as part of the deal....
...It was the second year in the red for France’s third-largest bank by market value, mainly because of Emporiki, its Greek bank which it sold at a large loss last year....
...The extra payment would come on top of a €2.3bn recapitalisation of lossmaking Emporiki Bank agreed this year with Greece’s central bank and the Hellenic Financial Stability Fund backed by the EU and the...
...The company, which incurred €1.96bn in charges on the sale of Greek unit Emporiki Bank and €181m on the divestment of its Cheuvreux broking unit, added that offers for its 20 per cent stake in Italy’s Bankinter...
...This €700m will reduce the French bank’s funding to Emporiki, which amounted to €2.1bn at the end of September, to €1.4bn....
...The bank is already in the red for the nine months to the end of September 2012, having made a net loss of €2.5bn during the period, mainly due to Emporiki, its lossmaking Greek bank, which it sold in October...
...Crédit Agricole is negotiating to sell for €1 its Greek bank, Emporiki – bought in 2006 for €2.2bn – and to inject €550m in capital in the lossmaking bank under exclusive talks with Greece’s Alpha Bank....
...The bank was already in the red for the nine months to the end of September 2012, having made a net loss of €2.5bn during the period, mainly due to Emporiki, its lossmaking Greek bank, which it sold in October...
...The WSJ reported on Wednesday that the French bank is considering either merging Emporiki with Greek banks, which would dilute its current stake to 10 per cent (this equity stake isn’t a huge sum compared...
...National Bank of Greece, Alpha Bank and Eurobank were the banks submitting bids for Emporiki....
...In August Jean-Paul Chifflet, chief executive, said the lender had received bids from three Greek banks for its lossmaking Emporiki Bank and speculated that a deal could be done “in a matter of weeks”....
...Crédit Agricole this week wrapped up a deal to sell its Greek subsidiary Emporiki to Alpha Bank, the country’s third-largest lender, for €1 and inject €600m of fresh capital....
...Bernard Delpit, chief financial officer, insisted that the recapitalisation made Emporiki “very interesting to the (other) Greek banks”....
...Emporiki Bank....
...The disclosure from the French bank comes just a day after Crédit Agricole, SocGen’s domestic rival, said a deal to sell its own Greek subsidiary, Emporiki, could be done within a “matter of weeks”....
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