Credit Agricole does not intent to change neither the designation nor the administration of Emporiki Bank. Furthermore, the French group is willing to develop the benefits of the parent company, which have to do with a) the provision of liquidity, which will enable Emporiki to fund business and households in order to regain the lost market share, b) ease of access to international markets, c) transfer of expertise.
Credit Agricole’s commitment to maintain its activity in Greece does not rule out an active participation in the consolidation of the domestic banking sector, as there have been preliminary contacts with a major private group, according to sources.
Moreover, the bank’s intention was confirmed on Tuesday after it announced it has submitted a voluntary tender offer relating to the acquisition of the remaining 4% of Emporiki’s ordinary registered shares. Credit offers to pay in cash €1.76 per share, which represents a premium of more than 30%.
Credit Agricole directly holds about 91% of Emporiki shares and or the purpose of this public offer only, is acting together, as defined by the Greek Law, with Sacam, which is itself a 5% shareholder of Emporiki.
Despite occasional rumours that the French group intends to unhook from Emporiki Bank, the latest development joins a series of actions to support the bank’s capital. During the last two years, Credit Agricole has strengthen the Greek subsidiary by approximately €2b, while it has recently undertook to pay up €750m additionally, according to Capital.gr sources.
Credit Agricole’s commitment to maintain its activity in Greece does not rule out an active participation in the consolidation of the domestic banking sector, as there have been preliminary contacts with a major private group, according to sources.
Moreover, the bank’s intention was confirmed on Tuesday after it announced it has submitted a voluntary tender offer relating to the acquisition of the remaining 4% of Emporiki’s ordinary registered shares. Credit offers to pay in cash €1.76 per share, which represents a premium of more than 30%.
Credit Agricole directly holds about 91% of Emporiki shares and or the purpose of this public offer only, is acting together, as defined by the Greek Law, with Sacam, which is itself a 5% shareholder of Emporiki.
Despite occasional rumours that the French group intends to unhook from Emporiki Bank, the latest development joins a series of actions to support the bank’s capital. During the last two years, Credit Agricole has strengthen the Greek subsidiary by approximately €2b, while it has recently undertook to pay up €750m additionally, according to Capital.gr sources.
capital
