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Clifford Chance and Moratis Passas Advise on Citi Sale in Greece

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Clifford Chance is advising Citi on the sale of its consumer banking business in Greece, including the Diners Club of Greece credit card operations, to Alpha Bank.

The transaction, which remains subject to regulatory and other customary approvals, is expected to close in Q3 2014. The sale includes approximately EUR 430 million in GAAP assets, 480,000 customers, EUR 1 billion in deposits, and EUR 400 million in loans. Approximately 730 consumer banking employees and the Citi branch and ATM network in Greece will transfer to Alpha Bank.

The Clifford Chance team consists of Melissa Fogarty, Mark Carroll, Candice Hall, Graham Harrison, Kevin Ingram, William Sutton, Rebecca O'Brien, William Kalaher, Hywel Robinson, Matthew Preston, Greg Olsen, Anastasios Tomtsis, Alastair Woodland, Vanessa Marsland, Leigh Smith, Chris Davies, and Lisa Barningham.

Greek law advice is provided by the Moratis Passas Law Firm in the persons of Partner Dimitris Passas and Associates Vassilis Saliaris and Maria Karabella.

Citi's lawyers included Joseph Tedeschi, Robin Schiff, Brian Cheng, and Constantine Casmas.

 

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