Global Banking Directory (since 2007)
Press Release Distribution Service
Add Bank | Banking Forum | Donate
  • Swiss Payment Forum, 11-12 November 2019
  • Invest in our projects
  • Buy Finance Books at Amazon 2019
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: Crédit Agricole

Logo Crédit AgricoleCrédit Agricole S.A. today announced that it has signed a contract for the sale of the entire share capital of Emporiki to Alpha Bank. The deal was approved by Crédit Agricole S.A.'s Board of Directors on 15 October 2012. Crédit Agricole S.A. and Alpha Bank aim to complete the sale by 31 December 2012, subject to obtaining the authorisations from the relevant authorities. The terms and conditions of the transaction have already been approved by the Board of Directors of Alpha Bank and the Hellenic Financial Stability Fund.

Key terms of the deal

Crédit Agricole S.A. is selling the entire share capital of Emporiki group to Alpha Bank for one euro. As previously announced, prior to completion Crédit Agricole S.A. will increase its recapitalisation of Emporiki to €2.85 billion, having already injected €2.3 billion in July 2012. In addition, it will subscribe to €150 million of convertible bonds to be issued by Alpha Bank, redeemable in Alpha Bank shares, subject to conditions and on Crédit Agricole S.A.'s initiative.

Crédit Agricole S.A.'s funding to the entities to be sold amounted to €2.1 billion at the end of September 2012. The recapitalisation of Emporiki and subscription for the convertible bonds to be issued by Alpha Bank will immediately reduce this funding by approximately €0.7 billion.

In addition, Crédit Agricole S.A. is examining the possibility of buying assets from Emporiki and Alpha Bank, which would reduce the amount of its residual funding to Emporiki accordingly.

The residual funding will be repaid in three installments, the last one scheduled for the end of 2014, and will be guaranteed by quality financial assets selected by Crédit Agricole S.A.

Financial impacts of the deal

The impact of the transaction will be recognised in Crédit Agricole S.A.'s income statement in the third quarter of 2012. It will reduce the group's net income Group share by an estimated €2 billion, based on best estimates of all losses and costs arising as a result of the transaction until its completion.

The transaction forms part of Crédit Agricole S.A.'s strategy to strengthen its financial structure and continued refocusing on its core business in line with its strategic plan. Crédit Agricole S.A. deems that the cumulative effects of the transaction would assist it in reaching the solvency targets of Crédit Agricole Group at year-end 2013 as previously announced.

As indicated at the time of entering into exclusive negotiations, the deal will help to consolidate the Greek banking system, which is an essential condition for the recovery of the country's financial sector.


Advisers to Crédit Agricole S.A. are Nomura and Crédit Agricole CIB. Legal advisers are Clifford Chance and Koutalidis.

Source: Crédit Agricole
Date: 18.10.2012
 Havin Bank Ltd selects ifinancial’s AMLtrac software to enhance its AML procedures

Havin Bank Ltd, the only bank with entirely Cuban capital established outside Cuba, has chosen the KYC and Document Management, Account Monitoring, Transaction Tracking, SWIFT message screening and Alert Management modules of ifinancial's AMLtrac software to strengthen the management and control of its compliance and anti-money-laundering risk. 19.11.2018 | Source: IFinancial

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: Middle East Global Advisors

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

2007-2019 © Global Bank Directory