Greece’s NBG to withdraw from SEE, including Albania

TIRANA, Aug. 13 – The National Bank of Greece (NBG) will have to withdraw from several markets in Southeast Europe, including Albania, according to the European Commission’s restructuring plans for Greek banks, reports Ekathimerini.com.
The plans for NBG and Piraeus Bank were approved in late-July, following those for Alpha in early-July and Eurobank in April, the Greek newspaper reports.
According to these plans, NBG will keep a presence in Turkey by retaining majority control of Finansbank, but will have to withdraw from all other countries in Southeast Europe. The bank will have to sell its subsidiaries in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia, Romania, Serbia, South Africa and the branches it operates in Egypt by June 2018, Ekathimerini.com.
Greek banks account for one-fifth of Albania’s banking system.
NBG Bank Albania, a subsidiary of the National Bank of Greece, holds 3.3 percent of the total assets in the Albanian banking system. The two other Greek banks operating in Albania, the Tirana Bank part of Piraeus Bank and Alpha Bank Albania, part of Alpha Bank, hold 7.4 percent and 5.9 percent respectively, according to an IMF report.
The share of assets held by Greek bank in Albania has dropped from an estimated 25 percent in the pre-crises years to around 18 percent. The situation is also a result of the acquisition of Emporiki Bank from France-based Credit Agricole.