Summary

The last step of an integration process in the Crédit Agricole Group developed since 2009

Emporiki Bank of Greece S.A. announces that its Board of Directors approved at its meeting today the transfer of its shares in Emporiki Bank Romania S.A, Emporiki Bank Bulgaria EAD and Emporiki Bank Albania S.A to the Group Crédit Agricole S.A. This operation is subject to relevant approval from the central banks.

This intra-group transaction is the last step of a process developed since the beginning of 2009 to reinforce links between Crédit Agricole S.A. and Emporiki Group’s subsidiaries, in line with the international business growth model of Crédit Agricole. As a result of their progressive integration in Crédit Agricole S.A. Group during the last three years, Emporiki’s subsidiaries have already adopted an explicit reference to Crédit Agricole Group to their risk and compliance procedures, their management standards, their IT systems, as well as in their own brand.

Furthermore, this transfer will optimize the management of capital funds in the said subsidiary banks.

With the extensive market knowledge and management experience that it has acquired in the said countries, Emporiki Bank will continue to provide, based on the agreement, services, support and coordination to the subsidiaries to ensure their smooth integration to the Group and the further development of synergies.

This agreement will also allow Emporiki Bank of Greece to further rationalize its corporate structure and reinforce its focused efforts to effectively deal with the current circumstances and challenges.

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Press contact:
Christina Dimoudi / Telephone number: 210 328 2706/
E-mail: dimoudi.c@emporiki.gr