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Crédit Agricole S.A. announces completion of Emporiki sale to Alpha Bank
Crédit Agricole S.A. today announced the completion of its sale of the entire share capital of Emporiki to Alpha Bank.
After the sale, Crédit Agricole S.A. will not provide Emporiki with any further funding, taking into account the transactions carried out since September 2012, in particular Crédit Agricole CIB's acquisition of a USD 1.4 billion shipping portfolio.
Completion of the sale results in a slightly positive impact on the Crédit Agricole S.A.'s consolidated financial statements for the 4th quarter 2012, which will be published on 20 February 2013.
In line with the guidance already given, Crédit Agricole S.A. confirms that the sale of Emporiki will assist it in reaching the solvency ratio targets of Crédit Agricole Group. It forms part of the Group's strategy of strengthening its financial structure and refocusing its business activities.
Jean-Paul Chifflet, Chief Executive Officer of Crédit Agricole S.A., commented: "The sale of Emporiki to Alpha Bank is not only a positive step for Crédit Agricole, but also for the Greek financial sector, which is currently restructuring. The deal will give Emporiki the best opportunity to pursue its goals in the new Greek banking