OTP closes Albanian acquisition

Banking

Image by Adriana Iacob / Shutterstock.com

OTP Bank on Monday announced the close of the acquisition of Alpha Bank Albania, according to a report by state news wire MTI.

OTP Bank signed a deal to acquire the Albanian unit of Greece's Alpha Bank in December for a price of EUR 55 million.

With a market share of 5%, based on total assets, Alpha Bank Albania is the country's eighth-largest bank, active in both the retail and corporate segments.

With the acquisition, OTP's market share in Albania is expected to reach 11%. In terms of client credit alone, OTP's market share is set to reach 16.3%, making it the third-biggest player.

The integration of OTP Bank Albania and Alpha Bank Albania is expected to be completed in 2023.

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