Italian group launches Veneto Banka Albania

TIRANA, March 25 – Italy’s Veneto Banca Group has officially launched Veneto Banka Albania, after purchasing and rebranding Banca Italiana di Svillupo (BIS Bank) in 2008. Veneto Banka Albania has a network of 8 branches, in the main districts of Albania, operating mainly with small and medium businesses as a strong supporter of Albanian producers and Italian enterprises. It became part of Veneto Banca Group, which owns 100 percent of the bank’s capital, in January 2009.
The Veneto Banca Group, also present in Romania, Croatia, and Moldova, is one of 20 biggest Italian bank groups with 421 branches controlling 7 banks in Italy and southeastern Europe. The company was founded in 1966 and is based in Volpago del Montello, Italy.
Speaking at the launching ceremony, Albanian Economy Minister Dritan Prifti said he was convinced this banking group had come to Albania with the right strategy. He promised the Albanian government’s support to Vento Banca Group, admitting that it was not easy surviving in a country where 17 different banks operate. Prifti invited Albanian businesses to invest in energy, mining and tourism sectors saying that the banking system has available money and complains that businesses do not have many ideas to invest.
Minister Prifti, who was accompanied by the Italian Ambassador to Albania, Saba D’Elia and bank representatives, said he was optimistic Albania would have the highest economic growth in Europe of 4 to 5 percent this year different from the IMF forecast of a GDP growth of 2 to 2.5 percent..
Italian Ambassador Saba D’Elia described Veneto Banka Holding as one of the most dynamic in the Italian financial market.
“Italy ranks first in trade exchanges with Albania and at the same time is the first strategic foreign investor in this country,” said D’Elia, adding that group had not selected Albania as its new field of operations by chance.
Meanwhile, the Governor of the Bank of Albania, Ardian Fullani said the launch of the bank at crisis time was of great importance and that good-management was first of all a guarantee for depositors and a basis for better economic development.
Fullani also said the central bank was working to ensure better control of banking risks and increase alertness to second-tier banks.
Finance Minister Bode said the inauguration ceremony of a new bank at a time of global financial crisis was a sign of confidence for foreign investors entering the Albanian market.
“The Albanian economy continues attracting the attention of different investors and there is nothing better than banking system investors investing exactly where they feel safer,” said Bode, adding that the presence of a new Italian enterprise was proof of great cooperation between the two countries.
In a statement published on the bank’s website, the Vento Banca Holding said it has increased the capital of the newly named Veneto Banka sh.a by 5 million euros.
“The increase of the capital is an injection of new funds and thanks to this increase, the lending and development activity will have a new impulse,” said Athos Varusio of the Veneto Banca Holding.