Published October 03, 2012
PARIS – French bank Societe Generale says it is in discussions to sell its Greek subsidiary Geniki to Greece's Piraeus Bank.
Wednesday's announcement follows a similar one from competitor Credit Agricole. The French bank said Monday it was trying to unload its own Greek unit, Emporiki. And Alpha Bank, another Greek institution, said it was negotiating the purchase of Emporiki and expected it to be completed by Dec. 31.
French banks were some of the most exposed to Greece and have been cutting their exposure to the country for months.
Greece is currently struggling to meet bailout commitments. If its international creditors refuse to give it its next batch of bailout funds, then the country may have to default on its debts and even leave the euro.