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Credit Agricole's Emporiki sale soon


Credit Agricole's Emporiki sale soon


Credit Agricole has said it hopes to complete talks on the sale of its troubled Greek bank Emporiki within weeks.

Three Greek bidders are interested in Emporiki which continues to hammer the French bank’s results – costing it 370 million euros in the last quarter alone.

Credit Agricole said it intends to keep a maximum stake of 10 percent in Emporiki.

France’s third biggest bank by market value, which once had lofty international plans, has been selling assets as it retreats from an ill-fated expansion binge and returns to its domestic retail banking roots.

At the same time it announced a 427 million euro charge after cutting its stake in Intesa Sanpaolo – Italy’s largest bank – below two percent from five percent.

Credit Agricole, founded more than 100 years ago as a French farmers’ lender, said second-quarter net income group share fell 67 percent to 111 million euros.

Italian unit Cariparma, which posted a 271 million euro quarterly loss, will cut 400 jobs by the end of 2014 through a voluntary redundancy plan, Credit Agricole said, the latest sign of an ongoing shakeout in that country’s crowded banking sector.

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