Raiffeisen Bank Albania Acquires Local Private Pension Company

TIRANA, Sep 30ؒaiffeisen Bank Albania said it has entered the local pension market by acquiring the top private pension company in the country, American Institute of Supplementary Private Pensions, for an undisclosed sum.
The American Institute of Supplementary Private Pensions, now re-named Raiffeisen Pensions, was licenced in 2005 as a private voluntary fund. It had a 58.44% market share at the end of June, the bank said in a statement.
“Raiffeisen Bank is extending its range of investments in the Albanian market. I am very proud to say that after the purchase of a leasing company, which has become the leader in the Albanian market, we are now introducing a private pension fund,” said Raiffeisen Bank Albania CEO Oliver Whittle in a statement
In 2006 Raiffeisen Bank entered Albania’s leasing market, also via an acquisition. Raiffeisen Leasing is 75%-owned by Raiffeisen Albania and 25% by Raiffeisen Leasing International.
Raiffeisen Bank Albania’s after-tax profit rose to 41 million euro last year from 40 million euro in 2007.