Publications
Publications
- November 2012 (Revised November 2013)
- HBS Case Collection
Persephone's Pomegranate: Crédit Agricole and Emporiki
By: Dante Roscini, Daniela Beyersdorfer and Jerome Lenhardt
Abstract
In 2006 the French bank Crédit Agricole bought the Greek Emporiki bank, for €2.8 billion, at the peak of a bull market for bank takeovers. Six years, a major financial crisis, and €5.2 billion of losses later, in a context of great uncertainty in the European banking sector, what decision should Crédit Agricole take regarding Emporiki? Through the example of this European cross-border acquisition the case looks at the Greek banking system before and during the unprecedented Greek sovereign debt crisis; the efforts of Greece and the main actors of the European financial system to prevent the embattled country from having to exit the Euro zone; and the potential scenarios for Greek banks in mid-2012.
Keywords
Business and Government Relations; Currency; Development Economics; International Finance; International Relations; Banking Industry; Greece
Citation
Roscini, Dante, Daniela Beyersdorfer, and Jerome Lenhardt. "Persephone's Pomegranate: Crédit Agricole and Emporiki." Harvard Business School Case 713-055, November 2012. (Revised November 2013.)
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