Albania commercial banks reduced to 14 following mergers and acquisitions

TIRANA, Oct. 4 – Two commercial banks in Albania have been rebranded following mergers and acquisitions that have now officially reduced the number of banks operating in the country to 14 following a decade of 16. Starting October 2018, the Albania unit of Italy’s Intesa Sanpaolo and its newly acquired loss-making Veneto Banka Albania will be operating as a rebranded Intesa Sanpaolo Bank Albania. The merger only slightly increases Intesa Sanpaolo’s market share in Albania to 12.3 percent of total banking assets in the country due to Veneto Banka’s market share having dropped to a mere 1.38 percent and representing…