OTP Bank signs agreement to buy bank in Albania
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OTP Bank announced on Monday that it had signed an agreement to acquire 100% of the Albanian subsidiary of Greek bank Alpha Bank from Alpha International Holdings Single Member, according to a report by state-owned MTI newswire.
The purchase price was agreed at 55 million euros.
Alpha Bank is Albania’s eighth bank with a total asset-based market share of almost 5%.
Financial close of the transaction is expected by the end of the second quarter of 2022, subject to obtaining all necessary regulatory approvals.
OTP Bank acquired Societe Generale Albanie in 2018.
After the merger of the two Albanian banking subsidiaries, the total market share of the OTP group in assets will exceed 11%, making it the fifth largest bank in the country. In terms of customer loans, OTP is expected to become Albania’s second largest bank, as these could grow by 50%.
Alpha Bank is Albania’s eighth bank with a total asset-based market share of almost 5%. It is active in both the retail and corporate segment, operating a network of 34 branches covering all major cities.
OTP Deputy CEO LÃ¡szlÃ³ Wolf said OTP Bank “has been looking for new growth opportunities” in Albania since entering the market in 2018.
With the acquisition of Alpha Bank Albania, another “well-functioning, well-managed and steadily growing credit institution” joins the OTP group, he said.
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