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Credit Agricole sells Emporiki to Alpha Bank

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Staff writer |
Credit Agricole EmporikiCredit Agricole completed its sale of the entire share capital of Greek bank Emporiki to Alpha Bank.

After the sale, Credit Agricole S.A. will not provide Emporiki with any further funding, taking into account the transactions carried out since September 2012, in particular Credit Agricole CIB's acquisition of a $1.4 billion shipping portfolio.

Completion of the sale results in a slightly positive impact on the Credit Agricole S.A.'s consolidated financial statements for the 4th quarter 2012, which will be published on February 20, 2013. The company confirms that the sale of Emporiki will assist it in reaching the solvency ratio targets of Credit Agricole Group. It forms part of the Group's strategy of strengthening its financial structure and refocusing its business activities.

Jean-Paul Chifflet"The sale of Emporiki to Alpha Bank is not only a positive step for Credit Agricole, but also for the Greek financial sector, which is currently restructuring. The deal will give Emporiki the best opportunity to pursue its goals in the new Greek banking landscape," said Jean-Paul Chifflet, chief executive officer of Credit Agricole.

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