Credit Agricole close to selling off Greek unit

[August 29, 2012]  PARIS (AP) -- French bank Credit Agricole says it is close to reaching a deal to sell its troubled Greek subsidiary Emporiki.

Chief Executive Jean-Paul Chifflet says an agreement could be reached within weeks, a bank spokeswoman confirmed Tuesday.

Chifflet spoke during a conference call with analysts to present the bank's second quarter earnings.

Credit Agricole's net profit slumped nearly 73 percent in the first half after booking hefty losses on its Greek retail bank Emporiki.

Earlier this month, Credit Agricole said it had received preliminary bids from three Greek banks for Emporiki, which has racked up billions in losses since Credit Agricole bought it in 2006.

[Associated Press]

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