TIRANA, March 30–Albania’s Ministry of Finance said on Monday that it had signed an 8 million USD (6.07 million EUR) contract of sale with the Islamic Development Bank (IDB) for the sale of a 40 percent of state-owned stake in the United Albanian Bank (UAB).
“We consider this as a successful privatization which confirms our stand that Albania’s banking system and economy are seen as reliable by foreign investors,” Finance Minister Ridvan Bode said in a statement after the official signing of the contract in Tirana.
Albania launched the privatization of its 40 percent stake in UAB in 2004. One year later it suspended the privatization procedure and then resumed it in 2006. This was the last bank in which the state held any stakes.
UAB, formerly Arab-Albanian Bank, was licensed for operations by the Albanian central bank in 1999. It is one of the smallest banks in Albania. Private banks and individuals hold 60 percent of it.
Overall, seventeen banks operate in Albania and 90% of the capital is foreign.
Albania Sells 40% of United Albanian Bank to Islamic Development Bank for $8.0 Mln
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