French bank Credit Agricole is in discussions with one of the potential buyer to sell all or part of its struggling Greek unit Emporiki Bank.
Citing sources familiar with the matter Reuters has reported that Greece’s largest lender, National Bank said it was engaged in exclusive talks with Credit Agricole over a "strategic alliance" regarding Emporiki in a stock exchange filing.
National bank said in a statement, "There were discussions between the managements of National and Credit Agricole regarding the potential for future strategic alliances, which are at an initial phase."
Apart from National Bank, two other Greek banks including EFG Eurobank and Alpha Bank have expressed their interest to acquire Emporiki Bank.
The news agency told that none of the parties had reached on a consensus over the deal, as it involved many layers of "complexity", including the need for solvent partners and liability guarantees.
By selling the troubled stricken Greek unit, Credit Agricole is all set to minimize the negative impact emerged from the funds provided to Emporiki bank to save it from financial crisis.