Soc Gen abandons Emporiki bid

Societe General (Cyprus) is reported to have withdrawn its interest to acquire the operations of Emporiki Bank in Cyprus amid reports that it could not reach a deal with the powerful bank employees union, ETYK, on procedures under which it would take over the responsibilities for staff pay.

Emporiki, with 12 branches in Cyprus and some 160 employees was seen as an idle target for the rapidly expanding Societe General as it tried to gain a faster foothold in Cyprus.

Meanwhile, Hellenic Bank quashed a report in Politis regarding a possible bid by National Bank of Greece on the Bank, describing it as nonsense.

Universal Bank also dismissed a report by Stockwatch that it was to be acquired by a Lithuanian bank.