Hungary's OTP Bank Plc. has announced on the website of the Budapest Stock Exchange that the financial completion of the transaction to purchase 100% shareholding of Alpha Bank Albania SH.A., the Albanian subsidiary of the Alpha Bank Group was completed on July 18, 2022, based on the share sale and purchase agreement concluded between OTP Bank and Alpha Bank Group’s member, Alpha International Holdings Single Member S.A., on December 6 2021.
With a market share of almost 5% based on total asset, Alpha Bank Albania is the 8th largest bank on the Albanian banking market, and as a universal bank it has been active in the retail and corporate segment, as well.
As the result of the acquisition, in terms of total assets the market share of OTP Group in Albania is expected to reach 11% and the customer loan portfolio to increase to one and a half times. Based on the latter, the Albanian operation of the banking group may become the third largest local market player with a 16.3% share.
The integration of OTP Bank Albania and Alpha Bank Albania is expected to be completed in 2023.
OTP Bank has been present in Albania since 2018.
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