New merger cuts number of Albania commercial banks to 13

Story Highlights

• Albania’s competition authority says it has okayed the sale of the International Commercial Bank, the Albania unit of Switzerland-based ICB Financial Group Holdings with units also in Tanzania and Bangladesh, to Albanian-owned Union Bank, where London-based European Bank for Reconstruction and Development also holds a minority stake.

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TIRANA, Jan. 17 – A new merger and acquisition between two small banks has reduced the number of commercial banks operating in Albania to 13, down from a decade of