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Clifford Chance advises Citi on the sale of its consumer banking business in Greece

13 June 2014

Clifford Chance advises Citi on the sale of its consumer banking business in Greece

Leading international law firm Clifford Chance is advising Citi on the sale of its consumer banking business in Greece, including the Diners Club of Greece SA credit card operations, to Alpha Bank. The transaction, subject to regulatory and other customary approvals, is expected to close in the third quarter of 2014.  The sale includes approximately €0.43 Bln in GAAP assets, 480,000 customers, €1.0 Bln in deposits and €0.4 Bln in loans.  Approximately 730 consumer banking employees and the Citi branch and ATM network in Greece will transfer to Alpha Bank.

The Citi team of lawyers comprised Joseph Tedeschi, Robin Schiff, Brian Cheng and Constantine Casmas.

The Clifford Chance team comprised Melissa Fogarty, Mark Carroll, Candice Hall and Graham Harrison (M&A); Kevin Ingram, William Sutton, Rebecca O'Brien and William Kalaher (Capital Markets); Hywel Robinson and Matthew Preston (Pensions); Greg Olsen and Anastasios Tomtsis (Antitrust); Alistair Woodland (Employment); Vanessa Marsland and Leigh Smith (IP) and Chris Davies and Lisa Barningham (Tax).

Greek law advice was provided by Dimitris Passas, Vassilis Saliaris and Maria Karabella of Moratis Passas Law Firm.