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Greeks bid for Credit Agricole unit
Two of Greece’s largest banks yesterday joined a race to buy Credit Agricole’s struggling Greek subsidiary Emporiki, put up for sale to limit the French lender’s exposure to crisis-hit Greece. National Bank and Eurobank said in separate bourse filings they submitted offers for Emporiki, which lost €1.62bn (£0.9bn) in 2011. Alpha Bank has already said it has made an offer. But Credit Agricole will have to recapitalise Emporiki if it wants to offload the bank. Greece’s bank support fund, the Hellenic Financial Stability Fund (HFSF), has told Emporiki’s potential buyers that it will approve a sale only if the unit is recapitalised and fully funded before it is sold.