OTP Bank closes buy of Albanian unit of Greece's Alpha Bank

OTP plans to complete the integration of Alpha Bank Albania with its local subsidiary OTP Bank Albania in 2023, creating a banking group with a market share of about 11% in terms of assets, it said in a statement on Monday.

The transaction was carried out through Alpha Bank Group's fully owned subsidiary Alpha International Holdings Single Member.

OTP in December signed a contract with Alpha International Holdings Single Member to buy 100% interest in Alpha Bank Albania for 55 million euro ($55.9 million).

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

($ = 0.9836 euro)