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Clifford Chance advises Crédit Agricole S.A. on the sale of Emporiki to Alpha Bank

17 October 2012

Clifford Chance advises Crédit Agricole S.A. on the sale of Emporiki to Alpha Bank

International law firm Clifford Chance advises Crédit Agricole S.A. on the sale of the entire share capital of Emporiki to Alpha Bank.

Crédit Agricole S.A. today announced that it has signed a contract for the sale of the entire share capital of Emporiki to Alpha Bank. Crédit Agricole S.A. and Alpha Bank aim to complete the sale on 31 December 2012, subject to obtaining authorisation from the relevant authorities. The terms and conditions of the transaction have already been approved by the Hellenic Financial Stability Fund.

Crédit Agricole S.A. is selling the entire share capital of the Emporiki group to Alpha Bank for one euro. As previously announced, prior to completion Crédit Agricole S.A. will increase its recapitalisation of Emporiki to €2.85 billion, having already injected €2.3 billion in July 2012.

In addition, Credit Agricole S.A. will also subscribe to €150 million of convertible bonds to be issued by Alpha Bank, redeemable in Alpha Bank shares, subject to conditions and on Crédit Agricole S.A.'s initiative.

Clifford Chance also advised Crédit Agricole S.A. on all aspects related  to banking, financial and prudential regulation, structured finance and derivative products, banking restructuring and state aid related to the exposure of the group to the Greek risk.

Clifford Chance lawyers advising on the transaction are :

–       Mathieu Remy and Aline Cardin (partners), Sue Palmer, Alexandra Salanson-Hayes (counsel) and Christopher Grey, on corporate aspects

–       Frédérick Lacroix (partner), Vincent Hatton (counsel) and Vincent Poilleux, as related to financial and banking regulation, structured finance , derivatives  products and restructuring,

–       Alexandre Lagarrigue (partner), on tax aspects,

–       Michel Petite (of counsel), Katrin Schallenberg (counsel) and Marie-Laure Combet, on  institutional law  and European competition aspects,

–       Reinhard Dammann (partner), on restructuring aspects.

Clifford Chance  was assisted by the Finance, M&A, Tax and Competition teams of Greek counsel Koutalidi law firm, led by Nikos Salakas, Finance partner.