ATHENS: Greece's Alpha Bank said Tuesday it has made an offer to Credit Agricole to buy the French bank's subsidiary Emporiki Bank, but denied reports that a deal had already been clinched.
"Alpha Bank announces that it has filed an offer with Credit Agricole for the purchase of shares representing the entire share capital of Emporiki Bank," the second-largest Greek lender said in a statement.
"The Bank, also, categorically denies press reports about a deal having been reached between the Bank and Credit Agricole for the purchase of Emporiki Bank," Alpha Bank said.
Credit Agricole last month put its Greek subsidiary Emporiki Bank up for sale and had reportedly received expressions of interest from Greece's top three lenders.
National Bank of Greece, Alpha Bank and Eurobank EFG have each expressed interest in taking over Emporiki, acquired by Credit Agricole in 2006, the Financial Times reported at the time.
Credit Agricole, one of the biggest banks in Europe by capitalisation, had decided to sell Emporiki after it reported in May a 75-percent drop in first quarter net profit after it was hit by its exposure to the Greek debt crisis.
The firm said total losses on Greece were 940 million euros ($1.6 billion) including costs linked to the Greek sovereign debt swap agreed in March and provisions related to its majority stake in Emporiki.
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