The Albanian central bank granted preliminary approvals for Intesa Sanpaolo SpA's Albanian subsidiary and Tirana-based American Bank of Investments to acquire the local units of Veneto Banca SpA and National Bank of Greece SA, respectively.
Following Banka e Shqipërisë's approval, Intesa Sanpaolo Bank Albania Sh.a. will absorb Veneto Banka Sh.A., while Banka NBG Albania sh.a. will be integrated into American Bank of Investments. The merger of Intesa and Veneto Banka's Albanian units follows Intesa Sanpaolo's agreement to acquire certain assets and liabilities of Veneto Banca's in 2017.
Meanwhile, National Bank of Greece completed the sale of NBG Albania to American Bank of Investments in July 2018. Formerly known as Crédit Agricole Albania, American Bank of Investments is a unit of Albanian nonbank financial institution Tranzit Finance.