Emporiki Bank Acquisition An Attractive Transaction with Immediate Effects

Alpha Bank – Emporiki Bank Acquisition An Attractive Transaction with Immediate Effects (pdf)

Key Transaction Terms

Capital injection
€2.85bn capital injection to be subscribed by CASA prior to closing of transaction
€2,320mn capital increase carried out in July (through offset from refinancing)
€530mn further capital increase to be performed prior to closing Pro forma March 31, 2012 shareholders’ equity of Emporiki of €3.4bn

Consideration
Acquisition of Emporiki from Crédit Agricole for nominal consideration in line with Hellenic Financial Stability Fund requirements
CASA participation
Crédit Agricole subscribing into a convertible bond of €150mn to be issued by Alpha Bank

Funding
Remaining funding by Crédit Agricole in Emporiki to be phased out over time, not increasing group financing requirements
Repayment in three instalments, the last one scheduled for 2014 year-end Timing
Closing of the transaction expected within 2012

Timing
Closing of the transaction expected within 2012

 

Emporiki Bank Acquisition An Attractive Transaction with Immediate Effects (pdf)

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