First Investment Bank will open new branches in Elbasan and Vlora

TIRANA, Dec.11 – Bulgarian privately held First Investment Bank’s Albanian branch is considering to open two branches by the middle of January as part of plans to expand in the local market. The news was communicated by FIB Albania general manager Martin Bogdanov who said that the new locations are Vlora and Elbasan. Currently the bank has operative units in the capital Tirana and in Durres, the country’s biggest Adriatic port. The Durres branch is being changed to meet higher standards and will be completed soon, according to Bogdanov. FIB Albania which was set up a year ago, still expects to obtain a banking license by the end of January. Previously, the Bulgarian parent operated in Albania through a branch, but a preliminary approval to start commercial operations last January. FIB Albania’s strategy aims at putting FIB among the top 10 largest banks in the Albanian banking market. The latter comprises 17 banks.