ECONOMY

Greek bank fund wants Emporiki sold recapitalised, says source

Greece’s bank support fund has told Greek banks eyeing Credit Agricole’s Emporiki unit that it will give its blessing to a sale only if Emporiki is sold fully recapitalised and funded, a senior banking source said on Friday.

The bailout fund, which has injected 18 billion euros in Greece’s four biggest lenders, wants to avoid pumping capital into Emporiki after any sale to a Greek lender, the source said.

“The Hellenic Financial Stability Fund has set four eleigibility criteria for the sale to go through, mainly the need for Emporiki to be sold recapitalised and fully funded,» the banking official, who declined to be named, told Reuters.

[Reuters]