Greece's Eurobank mulling offer for Emporiki

Greece's Eurobank voices interest in buying Emporiki, as local lenders pressured to merge

Associated Press

ATHENS, Greece (AP) -- Greece's Eurobank says it is considering buying Emporiki Bank, a local subsidiary of French lender Credit Agricole that at least one other Greek bank is eyeing.

But Eurobank said Wednesday it has not submitted a formal offer for Emporiki.

The announcement came a day after Alpha Bank said it had made an offer for Emporiki. Also Wednesday, the country's biggest lender, National Bank of Greece, said it was "observing developments" but that it too had not submitted a binding offer for Emporiki.

Greek banks are under pressure to merge amid the country's financial crisis.

Last week, the government said it would sell the healthy parts of ATEBank to Piraeus Bank in a deal worth €95 million ($116.3 million). Earlier this year, Alpha Bank and Eurobank called off merger talks.

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