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Athens News Agency: News in English, 06-06-13

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From: The Athens News Agency at <>


  • [01] Credit Agricole offers 3.1 bln euros for Emporiki

  • [01] Credit Agricole offers 3.1 bln euros for Emporiki

    Paris-based Crédit Agricole on Tuesday submitted a bid for the purchase of Emporiki Bank at 23.5 euros per share, or 3.1 billion euros for acquiring the Greek bank.

    The French bank, a strategic partner of Emporiki Bank, said a Crédit Agricole's board meeting -- chaired by Crédit Agricole group chairman Rene Carron -- on Friday unanimously voted in favour of the public bid to buy 100 percent in Emporiki Bank.

    The price offered by Crédit Agricole is 0.3-pct higher than Emporiki Bank's closing share price on Friday, June 9 (23.44 euros), 0.6 percent higher compared with the weekly average market price of 23.36 euros, and 17.9 pct higher compared with the average price from Jan. 1, 2004. The price is 50 percent higher from the current P/E ratio of the four largest Greek banks for the period 2006-2007.

    Crédit Agricole said its bid would be the largest foreign investment in Greece. The acceptance period for the bid will last from the end of June to early August 2006, with more information expected after the approval of an information bulletin by the bank.

    &quot;The bid is a friendly approach, the transaction will be made in cash and covers all of Emporiki Bank's shareholders. It will be the largest foreign investment in Greece and clearly reflects our trust in the Greek market and its prospects,&quot; Carron said, adding: &quot;Additionally, this transaction is fully compatible with our international expansion strategy, announced in December 2005, and fulfils all criteria set for our acquisitions. As a strategic shareholder in Emporiki Bank since 2000 we look forward to continuing our partnership with the aim to further enhance and expand Emporiki Bank's activities.&quot;

    On his part, Georges Pauget, Crédit Agricole's chief executive, said:

    &quot;By combining Emporiki Bank's existing capabilities and Crédit Agricole's know-how in various business activities, will have the opportunity to develop a more productive Greek bank, focused on domestic and neighbouring markets with the support of one of the largest international financial groups. We believe we can create added value for Emporiki's customers and boost the bank's competitiveness to higher levels&quot;.

    Commenting on the French bank's bid for Emporiki Bank, Economy and Finance Minister George Alogoskoufis said it was a positive development and stressed that the government would examine this bid, as any other bid in the framework of Greek law.

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