TIRANA (Albania), March 14 (SeeNews) – Albania's central bank said it has granted a preliminary approval for the sale of International Commercial Bank (ICBank) - a subsidiary of Swiss-based ICB Financial Group Holdings, to local Union Bank.
The approved transaction involves 100% of the voting shares of ICBank, Bank of Albania said in a statement on Wednesday.
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The price of the deal was not disclosed. In January, the transaction was approved by Albania's competition authority.
Union Bank was the eighth largest bank in the country, holding 3.4% of the banking system's total assets at the end of September 2018, according to data published by the Albanian Association of Banks (AAB) in January. ICBank held 0.7% of total assets with a network of six branches and 94 employees.