"This agreement will also allow Emporiki to further rationalize its corporate structure and reinforce its focused efforts to effectively deal with the current circumstances and challenges," the statement continued. The deal is subject to approval from the relevant central banks. Also on June 15, Standard & Poor's confirmed Credit Agricole's long-term credit rating at 'A' with a stable outlook, saying it believes the banking group's "capitalization would be sufficient to absorb the impact of Greece exiting the eurozone." It also noted the French bank has reduced funding to Emporiki as well as its exposure to Greek sovereign debt. Emporiki has been a source of heavy losses for Credit Agricole ever since the French bank bought the Greek lender in 2006.