Emporiki Bank

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The Emporiki Bank (Greek Εμπορική Τράπεζα της Ελλάδας ) was one of the largest Greek banks, it lasted from 1907 until its acquisition by Alpha Bank, since June 28, 2013, it will only continue as a brand name.

History

After opening of the Iron Curtain, the Emporiki invested in South East Europe and opened subsidiaries in Albania, Bulgaria and Romania. The subsidiary in Frankfurt with only one branch was closed in 2005. 2011, Emporiki Bank was taken over by Crédit Agricole SA, which acquired 95 % stake. On 27 October 2011 the Emporiki was delisted at the ATHEX

All branches of Emporiki in Albania, Bulgaria and Romania were a year later removed and taken over by the parent company Crédit Agricole.

Without the branches in the growth markets, limited to the Greek market got the bank into crisis. The bank, still last 376 branches had accumulated a loss of 5.7 billion euros. The Crédit Agricole Emporiki sold for a symbolic price of one euro to Alpha Bank.