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Albanian regulator issues preliminary approvals for 2 bank takeovers

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Albanian regulator issues preliminary approvals for 2 bank takeovers

The Albanian central bank granted preliminary approvals for ownership changes at local lenders Banka Societe Generale Albania Sh.a. and Banka Nderkombetare Tregtare Sh.a.

The central bank said March 13 that its supervisory council approved the takeover of an 88.89% stake in Société Générale Albania by OTP Bank Nyrt., and also issued a preliminary clearance for the acquisition of a 100% stake in Banka Nderkombetare Tregtare, also known as International Commercial Bank, by Union Bank Sh.a.

Société Générale SA agreed to sell its Albanian unit to OTP Bank in August 2018, and the transaction was approved by the Albanian Competition Authority in December. The purchase of International Commercial Bank by Union Bank was announced in November.