Credit Agricole considers abandoning Greek bank - MarketWatch

Credit Agricole considers abandoning Greek bank - MarketWatch

 Credit Agricole SA FR:ACA +3.49% is already making plans to cut its stake in or abandon its Emporiki Bank unit should Greece exit the euro zone, The Wall Street Journal reported Wednesday, citing a source close to the plans. Voters in Greece go to the polls June 17 after earlier elections failed to establish a unity government. Should Greece exit the euro zone, Credit Agricole would either consolidate Emporiki into a larger conglomerate of Greek banks and dilute its stake to 10% or let the bank fail altogether, according to the Journal. Earlier in June, Moody's cut its rating on Emporiki to Caa2 from B3.

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