Agricole at last gets rid of Greek arm

City A.M. Reporter
CREDIT Agricole yesterday said it will pay Alpha Bank over half a billion euros to take Greek subsidiary Emporiki off its hands, on top of billions it has already injected into the lender.

The bank’s shares rose 7.4 per cent on the news.

France’s third-largest bank said it was negotiating to sell Emporiki for a symbolic one euro as it prepares to quit Greece, and to give Alpha €550m (£440m) as part of the deal.

Credit Agricole has already pumped €10bn into Emporiki in the last six years, after its acquisition turned out badly in the financial crisis.