Credit Agricole in talks over Greek bank sale

Greece's biggest lender, National Bank , said in a bourse filing that it was in talks with Credit Agricole over a "strategic alliance" regarding Emporiki. A Credit Agricole spokeswoman declined to comment.

"There were discussions between the managements of National and Credit Agricole regarding the potential for future strategic alliances, which are at an initial phase," National said, adding that it would inform investors if the talks bore specific results.

National is the first lender to confirm it is in discussions with Credit Agricole over a possible takeover of Emporiki, partial or otherwise, depending on whether Credit Agricole decides to retain a minority stake.

Credit Agricole shares rose nearly 8 per cent in early trading, reaching 3.75 euros ($4.76) at 0835GMT.

Greek media reports suggest that two other Greek lenders, EFG Eurobank and Alpha Bank , have also declared an interest in Emporiki.

However, a Paris-based source familiar with the matter indicated that there were more suitors: "There have been expressions of interest ... and not just from three banks."

The source added that a deal had not been done yet and that there were layers of "complexity", including the need for solvent partners and liability guarantees.

Credit Agricole which has lost billions of euros in recent years by providing capital to struggling Emporiki, has been moving to minimize any impact from a Greek exit from the euro. Emporiki said last month that it would transfer all its non-Greek stakes in Balkan banks to its French parent. ($1 = 0.7880 euros)

(Reporting by Harry Papachristou, Christian Plumb and Lionel Laurent; Editing by David Goodman)