TIRANA (Albania), January 17 (SeeNews) – Albania's competition authority said on Thursday it has approved the sale of shares of a subsidiary of Swiss-based ICB Financial Group Holdings in Albania, International Commercial Bank (ICBank), to local Union Bank.
The competition committee has endorsed the agreement between ICBank and Union Bank for concentration in the country's banking services market, the competition authority said in a statement.
You can subscribe to our M&A newsletter here
No information on the sale price was disclosed.
Union Bank is the eighth largest bank in the country with 3.4% of the total assets in the end of September, according to data published by the Albanian Association of Banks (AAB) earlier this month. ICBank accounts for 0.7% of total assets in the county’s banking sector with 6 branches and 94 employees.
In December, competition authority said it has approved the sale of 88.89% interest in Banka Societe Generale Albania to Hungarian banking group OTP.
Union Bank Sh.a. is among the biggest banks in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here