Albania’s c-bank approves absorption of Alpha Bank's unit by OTP

Alpha Bank Albania sh.a. will be absorbed into OTP Bank Albania sh.a., the Bank of Albania said in a statement last week.

In July, OTP Group said it has completed the acquisition of Alpha Bank Albania Sh.a. The transaction was carried out through Alpha Bank Group's fully owned subsidiary Alpha International Holdings Single Member.

After the merger, which is expected to be completed in 2023, the banking group will have a market share of about 11% in terms of assets in Albania, OTP Group said in an earlier statement.

OTP in December 2021 signed a contract with Alpha International Holdings Single Member to buy 100% interest in Alpha Bank Albania for 55 million euro ($57.4 million).

In 2019, OTP Group acquired 100% interest in the Albanian unit of France's Societe Generale, which was renamed to OTP Bank Albania.

($ = 0.958078 euro)