16.10.2012
Koutalidis Law Firm advises Crédit Agricole S.A. on the €5bn sale of Emporiki to Alpha Bank


Crédit Agricole S.A. today announced that it has signed a contract for the sale of the entire share capital of Emporiki to Alpha Bank. Crédit Agricole S.A. and Alpha Bank aim to complete the sale early in 2013, subject to obtaining authorisation from the relevant regulatory authorities. The terms and conditions of the transaction have already been approved by the Hellenic Financial Stability Fund.

Crédit Agricole S.A. is selling the entire share capital of the Emporiki group to Alpha Bank for one euro. As previously announced, prior to completion Crédit Agricole S.A. will increase its recapitalisation of Emporiki to €2.85 billion, having already injected €2.3 billion in July 2012.

In addition, Credit Agricole S.A will also subscribe to €150 million of bonds to be issued by Alpha Bank, convertible into Alpha Bank shares, subject to conditions and at Crédit Agricole S.A.´s option.

Koutalidis Law Firm acted as Greek law counsel and advised with international counsel, Clifford Chance, Crédit Agricole S.A. on all aspects related to banking, financial and prudential regulation, structured finance, tax and derivative products, banking restructuring and state aid related to the exposure of the group to the Greek risk.