Supervisory Board Approves Merger of ABA and BIA
On 12 December 2007, the Supervisory Board of the Bank of Albania approved the merger with absorption of Banca Italo Albanese sh.a. (BIA) by the American Bank of Albania sh.a. ( ABA)
The merger of the American Bank of Albania and Banca Italo Albanese will be realized through the absorption of BIA (the absorbed company) by ABA (the absorbing company). The name of the new bank after the merger will be American Bank of Albania.
The merger practice of two banks is an experience, which has been applied for the first time in Albania and is based on western practices and standards.
The American Bank of Albania (after the merger) will be a combination of synergies and resources of both players in the Albanian banking system aiming to create a unique operator, which will offer new and improved products for all customers and a more efficient competition in the financial sector.
With the approval of this merger the structure of the shareholders’ capital of the American Bank of Albania will be owned by the following shareholders according to the respective ratios:
|
Shareholders |
% of participation in capital |
| Intesa Sanpaolo S.p.A |
78.49 |
| Albanian American Enterprise Fund |
12.22 |
| The European Bank for Reconstruction & Development |
7.78 |
| SIMEST S.p.A. |
1.51 |
|
Total |
100.00 |
The American Bank of Albania (after the merger) will become the second bank in the market with total assets of Lek 103,030 million, total loans of Lek 38,622 million, total deposits of Lek 88,929 million and total equity of Lek 6,990 million.
|
Total* |
Market Share |
Position |
|
Assets |
103,030 |
14.7% |
2nd |
|
Loans |
38,622 |
14.9% |
2nd |
|
Deposits |
88,929 |
15.1% |
2nd |
|
Capital |
6,990 |
13.1% |
2nd |
| *In million Lek |
As at 30 September 2007 |
|
|
|
Source: Albanian Association of Banks |
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