Credit Agricole to Boost Greek Unit’s Capital, Kathimerini Says

Credit Agricole SA will put about 2.5 billion euros ($3 billion) of capital into its Greek unit Emporiki Bank SA before selling it, Kathimerini reported, without saying how it got the information.

The capital need arises from a study of Greek banks’ loan portfolios performed earlier this year by a unit of BlackRock Inc., and will make it easier for the French bank to sell Emporiki, the Athens-based newspaper said.

In return Credit Agricole will retain a stake of about 5 percent in Emporiki after its sale, which has attracted interest from National Bank of Greece SA, EFG Eurobank Ergasias SA and Alpha Bank SA, Kathimerini said.

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