Competitiveness Authority in Albania gives green light to Intesa’s BIA agreement

TIRANA, Jan. 22 – The merger between “San Paolo IMI” bank that acquired almost 80 percent of the Italian Albanian Bank (BIA) and the other Italian bank “Intesa S.p.a” will not produce substantial effects on the Albanian financial markets. The Competitiveness Authority of Albania, called upon to investigate the potential consequences of such a merger concluded that it will not change the structural organization of BIA thus leaving the Albanian financial market almost intact. “Intesa Group” carries out activities in several Eastern and Central European countries but not in Albania. It will inherit the largest share of BIA through which San Paolo has been trading so far. Thus the merger will not disrupt the fair competition of foreign owned banks. The ownership change will be carried out regularly and according to normal procedures that the banking industry requires in such changes. (Tirana Times Staff)