The National Bank of Greece (NBG) has agreed to sell its entire stake (100%) of its subsidiary, Banka NBG Albania Sh.A. to American Bank of Investments SA.
In a statement, the Greek bank said the transaction “is being implemented in the context of NBG’s Restructuring Plan and in line with its commitments towards European Commission’s DG Competition.”
The transaction is capital-accretive to NBG and subject to regulatory and other approvals, it said, including from the competition authority of Albania.
NBG Albania started operating in Albania in 1996 as the Tirana Branch of NBG. In 2012, it became a fully-licensed, independent bank and since then it operates as a 100%-owned subsidiary of NBG.
American Bank of Investments, is a wholly owned subsidiary of Tranzit Sh.p.k, an Albanian non-banking financial institution focused on providing flexible financing options to companies and individuals. ABI is licensed to perform credit and deposit activities, payment services in Albania and abroad as well as other banking activities in accordance with Albanian laws.