OTP Bank buys Albanian unit of Greece's Alpha Bank

by   CIJ News iDesk V
2021-12-08   10:56

Hungary's OTP Group signed a contract with Alpha International Holdings Single Member, a fully-owned subsidiary of Greece's Alpha Bank Group, to buy 100 percent interest in the banking group's unit in Albania, for EUR 55 million.

The acquisition will be completed by the end of the second quarter of 2022, after receiving the necessary regulatory approvals, according to OTP.

Alpha Bank is the 8th largest bank on the Albanian banking market.

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