Artan P쳮aska
apernaska@tiranatimes.com
(Continued from the previous issues)
Banka Nd쳫ombetare Tregtare
Banka Nd쳫ombetare Tregtare (International Commercial Bank Sh. A.) which began activity on February 1997 is one of the oldest privately owned banks in Albania. The first private bank is reported to have been opened in September 1996, only a few months prior to Banka Nd쳫ombetare Tregtare.
The bank reports a paid-up capital of 1,114,963,000 Albanian Lek련ALL) representing actually roughly 11,149,630 US Dollars (USD).
Banka Nd쳫ombetare Tregtare (International Commercial Bank Sh. A.) is one of the banks possessing the smallest network in the country. A report reflecting the activity of the bank in 2008 listed six branches.
The bank has been audited by Ernst & Young Albania Sh.A.
ICB Financial Group Holdings A.G., incorporated in Switzerland, holds 100 % of the shares of International Commercial Bank SH.A., incorporated in Albania. After the sale of the ICB bank in Hungary, Banka Nd쳫ombetare Tregtare, in Albania, is the only remaining establishment of the holding in Europe.
In 2008, Banka Nd쳫ombetare Tregtare (ICB Albania) received the “Bank of the Year” award in benchmarking carried out by The Banker, a prestigious global finance magazine. The bank reports that “it had been selected from amongst 17 banks in Albania this year [2008] following a commendable financial performance in 2007 with growth of 36.65% in total assets and 526.57% increase in net profits”.
Bi-decenary bank
The ICB Banking Group has established itself in thirteen countries and focuses on serving the commercial banking needs of newly emerging economies in Europe, Africa and Asia.
It emerged in 1994 with the establishment of ICB Hungary. ICB Hungary was sold in 2007. In 1996 the development of the banking group continued with the establishment of ICB Ghana, and the establishment of ICB Guinea.
1997, the year of the ICB Albania’s establishment, is also the year of ICB Tanzania’s establishment. In 2001 the group progressed to a new stage with the establishment of ICB Global Management. (In 1998 and 2002 the group grew with establishing banks in Mozambique Sierra Leone).
2003 saw the Inaugural ICB Group CEO Conference and the establishment of ICB Financial Group Holdings AG.
Since 2004, ICB has been awarded yearly by The Banker or Global Finance magazine “Bank of the Year” in one of the African countries where the bank is present. In 2008 the bank was awarded “Bank of the Year” trophy for three of its establishments, one of which was the Albanian Banka Nd쳫ombetare Tregtare (ICB Albania).
In 2007 the bank separated with its historic spring-off country with the sale of ICB Hungary. That same year the bank announced admission of ICB Financial Group Holdings AG to the AIM market of the London Stock Exchange. 2008 saw the establishment of International Commercial Bank Ltd and the establishment of ICB (Lao PDR) Ltd.
2008 reports
In its annual report for the last year (2008), the bank states that “The European region, which is represented by Albania, also delivered a negative result of US $2.1m.” but adds that “This was primarily due to accounting adjustments required to achieve conformity with IFRS reporting requirements”.
In this last yearly report, the bank announced an increase in the network of branches in Albania as well as in the other countries where the bank is present.
To be continued Š(In the following issues of Tirana Times you will read further insights on the second-level banks operating in Albania).
