Two leading Albanian banks merge

TIRANA, Jan. 3 – The American Bank of Albania and Banca Italo Albanese merged on 1 January creating the second largest financial institution in the Albanian market.
The merger comes after the Supervisory Board of Albania’s Central Bank gave the go-ahead for the move on 12 December.
The American Bank of Albania, ABA, will absorb the Banco Italo Albanese, BIA, creating a new bank, although it will retain the name, American Bank of Albania.
This is the first time in Albania’s history that two banks will merge through the absorption of one company into another.
The Italian Intesa SanPaolo IMI group, which operates in 48 countries, has bought controlling stakes in both ABA and BIA, as it seeks to have a central role in the Albanian banking sector. SanPaolo will control 80 percent of the new bank’s shares.
ABA has over 4,000 corporate, and more than 70,000 retail customers, with a network of 22 branches in Albania. The total assets of the bank amount to $884 million.