Send to Kindle
People walk past the administration building of Emporiki Bank in Athens on 1 October 2012. EPA/BGNES
Alpha Bank has announced that it has entered into exclusive negotiations with Credit Agricole S.A. to acquire the entire share capital of Emporiki Bank.
A pair of press releases on Monday issued separately by Paris-based Credit Agricole S.A. and Greece-listed Alpha Bank, respectively, confirmed that the former has entered into "exclusive negotiations" for the sale of the latter's subsidiary in Greece, Emporiki Bank.
The transaction is expected to be completed by 31 December 2012 and is subject to applicable regulatory approvals and procedures as to work councils and employment representative bodies of Credit Agricole S.A., Alpha Bank said.
Upon completion of the transaction, Alpha Bank will purchase Emporiki Bank recapitalized by EUR 2.85 B.
Prior to completion, Credit Agricole S.A. will inject a further EUR 0.5 B of capital in addition to the EUR 2.3 B capital injection completed in July 2012.
Credit Agricole S.A. will also subscribe into a EUR 150 M convertible bond to be issued by Alpha Bank, which, at the discretion of Credit Agricole S.A., 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.
The transaction results in a net recapitalization of the combined group of Euro 3 billion and contributes towards Alpha Bank's own recapitalisation plan.
Alpha Bank will proceed expediently with the integration of Emporiki Bank and complete the restructuring of Emporiki undertaken by Credit Agricole S.A. since its acquisition in 2006.
The integration is expected to deliver substantial financial benefits, including among others, fully phased operating cost synergies of c. EUR 150 M per annum underpinned by significant economies of scale.
Alpha Bank said the transaction represented a major step in the restructuring of the Greek banking sector with the combined Emporiki and Alpha Bank having a pro forma market share of 19% of Greek deposits and 25% in lending, including leading market shares in mortgages and corporate lending. Pro forma consolidated assets as of 31 March 2012 stood at EUR 78 B.
A recent analysis by StartupBlink highlights that Bulgaria offers a more favorable environment for startups than Greece, according to the Greek media Kathimerini
At least 14 people have died after a migrant speedboat collided with a Greek coastguard patrol vessel near the eastern Aegean island of Chios, according to Greek authorities. The incident occurred at sea, prompting an immediate large-scale search and resc
Greek national security agencies have launched an investigation into the growing number of land and property acquisitions in Northern Greece by citizens from Bulgaria and Turkey
Greek Prime Minister Kyriakos Mitsotakis emphasized Greece’s commitment to a unified European stance while speaking with national media following a leaders’ meeting in Brussels.
Bulgarian Ministers of Transport and Foreign Affairs, Grozdan Karadjov and Georg Georgiev, will attend the opening of the Rudozem-Xanthi border crossing today at the invitation of Greek Transport Minister Christos Dimas and the Regional Governor of Easter
Bulgarian Prime Minister Rosen Zhelyazkov said he has been assured by his Greek counterpart Kyriakos Mitsotakis that the problem with the blockades at the Bulgarian-Greek border will be resolved within the next few days
Bulgaria has taken on new debt amounting to 150 million euros through the issuance of government securities, according to results published on the Bulgarian National Bank (BNB) website.
The first month following the introduction of the euro and the period of dual circulation with the lev has now ended, providing a clearer picture of how the transition is unfolding.
The annual campaign for filing personal income tax returns under Article 50 of the Personal Income Tax Act is underway
The Bulgarian National Bank reported that as of February 6, 2026, the withdrawal of lev banknotes and coins and their replacement with euro cash is progressing in line with the applicable legislation and the operational plans approved for the transition.
From February 1, 2026, Bulgaria officially completes its transition to the euro, which now serves as the country’s sole legal currency.
Bulgaria is facing rising living costs, with service prices still climbing, according to economists. Authorities have already flagged the most frequent violations of the Law on the Euro since the start of the year, largely in the form of unjustified incre
Novinite 2025 in Review: A Year That Tested Bulgaria and the World
A Disgraceful Betrayal: Bulgaria's Shameful Entry into Trump's Board of Peace
