TIRANA, Nov. 4 – Credit Agricole Albania has been rebranded as Banka Amerikane e Investimeve (American Bank of Investments) after its takeover by a U.S.-based group earlier this year.
The rebranding comes after Albania’s Competition Authority and the country’s central bank approved the acquisition of Credit Agricole’s Albanian unit by U.S. based NCH Capital Inc, private equity and venture firm.
The American Bank of Investments is the second American-run bank in Albania after the American Bank of Albania, the first private bank in Albania established by the Albanian-American Enterprise Fund in 1998, which in 2007 was acquired by Italy’s Intesa Sanpaolo.
The deal was initially announced last May in a statement by France-based Credit Agricole, France’s third biggest lender, but no amount was disclosed.
“This transaction has no significant impact on Credit Agricole’s solvency ratios,” Credit Agricole said.
In Albania, NCH Capital Inc operates with its Tranzit non-banking financial institution offering various debt and equity financing opportunities to companies and individuals.
Credit Agricole, which holds only around 2.6 percent of total assets and is the tenth biggest bank in Albania, completed the full purchase of Greek-owned Emporiki Bank Albania in June 2012.
Back in October 2012, Credit Agricole sold its troubled Greek banking arm Emporiki to rival Alpha Bank for a symbolic €1 after buying it in 2006 as part of its international expansion plan.
