September 30 (SeeNews) - Raiffeisen Bank Albania said it has entered the local pension market by acquiring the top private pension company in the country, American Institute of Supplementary Private Pensions, for an undisclosed sum.
The American Institute of Supplementary Private Pensions, now re-named Raiffeisen Pensions, was licenced in 2005 as a private voluntary fund. It had a 58.44% market share at the end of June, the bank said in a statement.
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In 2006 Raiffeisen Bank entered Albania's leasing market, also via an acquisition. Raiffeisen Leasing is 75%-owned by Raiffeisen Albania and 25% by Raiffeisen Leasing International.
Raiffeisen Bank Albania's after-tax profit rose to 41 million euro ($59.9 million) last year from 40 million euro in 2007.